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

Taxes on income, profits and capital gains (% of total taxes) in Korea was 54.52 as of 2019. Its highest value over the past 47 years was 54.52 in 2019, while its lowest value was 24.69 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 33.40
1973 30.05
1974 30.16
1975 24.69
1976 28.76
1977 27.98
1978 28.49
1979 28.90
1980 25.82
1981 26.90
1982 28.00
1983 25.89
1984 26.25
1985 29.20
1986 29.11
1987 32.33
1988 35.05
1989 41.65
1990 39.55
1991 36.96
1992 39.82
1993 39.72
1994 39.47
1995 39.29
1996 37.16
1997 34.74
1998 41.26
1999 33.33
2000 38.08
2001 37.20
2002 36.94
2003 40.48
2004 40.84
2005 42.72
2006 43.73
2007 46.00
2008 45.13
2009 42.34
2010 42.05
2011 45.31
2012 46.53
2013 46.12
2014 47.90
2015 49.94
2016 50.68
2017 51.64
2018 54.37
2019 54.52

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.

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance