Korea, Rep. | Taxes on income, profits and capital gains (% of revenue)
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 (% of revenue)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
27.55632582 1972
25.77777778 1973
26.9005848 1974
22.16494845 1975
26.01555748 1976
25.05105514 1977
25.53868756 1978
25.68824405 1979
22.32116355 1980
22.94352004 1981
23.86835443 1982
22.84988614 1983
22.91583407 1984
25.28752366 1985
25.24648559 1986
28.60615883 1987
30.33956911 1988
34.75805819 1989
33.96846674 1990
31.25347724 1991
32.82248659 1992
31.39887223 1993
31.22980326 1994
31.48231774 1995
29.09088718 1996
26.77099405 1997
29.33935576 1998
23.79107541 1999
26.28153556 2000
25.1212816 2001
24.70570275 2002
27.59541368 2003
27.45354791 2004
28.88244417 2005
29.2921534 2006
31.47090946 2007
30.61922507 2008
28.38339889 2009
28.11729632 2010
30.32686893 2011
24.49195209 2012
24.04148339 2013
24.91548374 2014
26.1989371 2015
27.2066307 2016
28.34019134 2017
30.42204934 2018
29.37530518 2019
28.05509939 2020
30.40023633 2021
2022
Korea, Rep. | Taxes on income, profits and capital gains (% of revenue)
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