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South Korea tax to GDP ratio soared to 27% in 2018

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Christian Fernsby ▼ | August 27, 2019
South Korea's tax-to-gross domestic product(GDP) ratio reached nearly 27 percent in 2018.
South Korea port
Asia   The country's tax-to-GDP ratio was 26-point-eight
According to the National Assembly Budget Office, the country's tax-to-GDP ratio, which refers to a country's tax revenue and safety net contributions divided by its GDP, was 26-point-eight percent last year, up one-point-four percentage points from a year earlier.

Topics: Korea tax GDP

It's the fifth consecutive annual increase since 2014 and the steepest on-year jump in a decade.

The country's ratio, however, remains lower than that of other Organization for Economic Cooperation and Development countries, which posted an average of 34-point-two percent in 2017.