South Korea: Tax revenue
* indicates monthly or quarterly data series
| South Korea |
Tax revenue, percent of GDP |
|---|---|
| Latest value | 16.73 |
| Year | 2021 |
| Measure | percent |
| Data availability | 1972 - 2021 |
| Average | 13.64 |
| Min - Max | 10.48 - 16.73 |
| Source | The World Bank |
The latest value from 2021 is 16.73 percent, an increase from 14.86 percent in 2020. In comparison, the world average is 17.48 percent, based on data from 105 countries. Historically, the average for South Korea from 1972 to 2021 is 13.64 percent. The minimum value, 10.48 percent, was reached in 1973 while the maximum of 16.73 percent was recorded in 2021.
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Definition: Tax revenue refers to compulsory transfers to the central government for public purposes. Certain compulsory transfers such as fines, penalties, and most social security contributions are excluded. Refunds and corrections of erroneously collected tax revenue are treated as negative revenue.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 18.77 | 2022 | percent |
| Government spending, in dollars | 323.69 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -1.60 | 2023 | percent |
| Government debt | 49.40 | 2022 | percent |
| Government expenditure | 101,925.60 | Q3/2023 | billion |
| Long-term government bond yield | 3.95 | 9/2023 | percent |
| Tax revenue | 16.73 | 2021 | percent |
| Commercial tax rate | 33.20 | 2019 | percent |
| Tax preparation time | 174 | 2019 | hours |
| Number of taxes | 12 | 2019 | taxes |
| Taxes on goods and services | 18.68 | 2021 | percent |
| Taxes on international trade | 1.38 | 2021 | percent |
| Income and profits taxes | 30.40 | 2021 | percent |
| Foreign aid | -71.54 | 2004 | million U.S. dollars |