Korea - Taxes on goods and services (% of revenue)

Taxes on goods and services (% of revenue) in Korea was 19.90 as of 2019. Its highest value over the past 47 years was 48.65 in 1975, while its lowest value was 19.90 in 2019.

Definition: Taxes on goods and services include general sales and turnover or value added taxes, selective excises on goods, selective taxes on services, taxes on the use of goods or property, taxes on extraction and production of minerals, and profits of fiscal monopolies.

Source: International Monetary Fund, Government Finance Statistics Yearbook and data files.

See also:

Year Value
1972 41.85
1973 45.54
1974 47.14
1975 48.65
1976 44.94
1977 44.58
1978 42.89
1979 43.83
1980 45.95
1981 44.75
1982 44.56
1983 45.77
1984 45.05
1985 43.24
1986 42.79
1987 39.55
1988 38.39
1989 33.99
1990 35.44
1991 33.62
1992 34.99
1993 34.85
1994 34.57
1995 33.16
1996 33.47
1997 34.07
1998 28.74
1999 32.98
2000 30.27
2001 32.15
2002 32.22
2003 31.22
2004 30.30
2005 29.58
2006 27.91
2007 26.82
2008 26.70
2009 27.31
2010 28.11
2011 26.37
2012 22.47
2013 21.66
2014 21.81
2015 21.25
2016 21.92
2017 21.74
2018 21.13
2019 19.90

Limitations and Exceptions: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries.

Statistical Concept and Methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.

Aggregation method: Median

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance