Korea, Rep. | Taxes on income, profits and capital gains (current LCU)

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. 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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source
Korea, Rep. | Taxes on income, profits and capital gains (current LCU)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972 159000000000
1973 174000000000
1974 276000000000
1975 344000000000
1976 602000000000
1977 736000000000
1978 1043000000000
1979 1381000000000
1980 1504000000000
1981 1958000000000
1982 2357000000000
1983 2609000000000
1984 2867000000000
1985 3474000000000
1986 3969000000000
1987 5295000000000
1988 6844000000000
1989 8864000000000
1990 10643000000000
1991 11235000000000
1992 14071000000000
1993 15647000000000
1994 18652000000000
1995 22309000000000
1996 24137000000000
1997 24292000000000
1998 27974912000000
1999 25220049000000
2000 35387362000000
2001 35638017000000
2002 38403644000000
2003 46419988000000
2004 48112346000000
2005 54456000000000
2006 60366500000000
2007 74273312000000
2008 75509619000000
2009 69674659000000
2010 74730072000000
2011 87160524000000
2012 94326100000000
2013 94338300000000
2014 99138746600446
2015 1.0894975165599E+14
2016 1.2334713923038E+14
2017 1.3738609472982E+14
2018 1.6033065052897E+14
2019 1.5946534931735E+14
2020 1.5391875918558E+14
2021 1.9150883336959E+14
2022

Korea, Rep. | Taxes on income, profits and capital gains (current LCU)

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. 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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source