Korea - Taxes on income, profits and capital gains (% of revenue)

Taxes on income, profits and capital gains (% of revenue) in Korea was 29.38 as of 2019. Its highest value over the past 47 years was 34.76 in 1989, while its lowest value was 22.16 in 1975.

Definition: Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation.

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

See also:

Year Value
1972 27.56
1973 25.78
1974 26.90
1975 22.16
1976 26.02
1977 25.05
1978 25.54
1979 25.69
1980 22.32
1981 22.94
1982 23.87
1983 22.85
1984 22.92
1985 25.29
1986 25.25
1987 28.61
1988 30.34
1989 34.76
1990 33.97
1991 31.25
1992 32.82
1993 31.40
1994 31.23
1995 31.48
1996 29.09
1997 26.77
1998 29.34
1999 23.79
2000 26.28
2001 25.12
2002 24.71
2003 27.60
2004 27.45
2005 28.88
2006 29.29
2007 31.47
2008 30.62
2009 28.38
2010 28.12
2011 30.33
2012 24.49
2013 24.04
2014 24.92
2015 26.20
2016 27.21
2017 28.34
2018 30.42
2019 29.38

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