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South Korea

Tax-to-GDP Ratio: 25.3% (-10.3% vs OECD Average)

Data year: 2024

Fiscal Balance

Revenue
33.6% of GDP
Spending
35.0% of GDP
Deficit -1.5% of GDP
Gross Debt 56.6% of GDP

Budget Flow

Revenue Spending
Personal Income Tax (5.1%)Corporate Income Tax (2.8%)Social Security Contributions (7.7%)VAT / Sales Tax (4.2%)Property Taxes (3.0%)Other Taxes (2.5%)Borrowing (1.5%)Social Protection (9.3%)Health (5.3%)Education (5.0%)Economic Affairs (4.8%)General Public Services (4.4%)Defence (2.5%)Public Order & Safety (1.2%)Housing & Community (1.2%)Recreation, Culture & Religion (1.0%)Environmental Protection (1.0%)

Tax Revenue Breakdown

Total: 25.3% GDP

Compared to OECD Average

Tax Burden by Income Level

Tax Wedge by Income Level

Single, no children

Who Pays?

Individuals 50%
Corporations 11%
Other 39%

% of total tax revenue

67% of avg wage (low income)
20.5%
100% of avg wage (median)
24.7%
167% of avg wage (high income)
31%

Government Spending Breakdown

Social Protection
9.3%
#14/16
Health
5.3%
#15/17
Education
5.0%
#9/17
Economic Affairs
4.8%
#12/17
General Public Services
4.4%
#12/17
Defence
2.5%
#3/17
Public Order & Safety
1.2%
#13/17
Housing & Community
1.2%
#3/17
Recreation, Culture & Religion
1.0%
#11/17
Environmental Protection
1.0%
#6/16
% of GDP
vs others
Q1–Q3 median South Korea

What does the spending achieve?

Health Spending vs Life Expectancy

This country Other countries

Education Spending vs PISA Score

This country Other countries
Life Expectancy 83.4 years
Infant Mortality 2.3 per 1,000 births
PISA Average Score 523