Korea - Tax revenue (% of GDP)

Tax revenue (% of GDP) in Korea was 15.20 as of 2019. Its highest value over the past 47 years was 15.54 in 2018, while its lowest value was 10.48 in 1973.

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.

Source: International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.

See also:

Year Value
1972 11.15
1973 10.48
1974 11.57
1975 13.21
1976 14.46
1977 14.13
1978 14.55
1979 14.75
1980 14.66
1981 14.65
1982 14.70
1983 14.80
1984 13.89
1985 13.50
1986 13.24
1987 13.46
1988 13.37
1989 12.84
1990 13.42
1991 12.54
1992 12.73
1993 12.50
1994 12.69
1995 12.99
1996 13.23
1997 12.90
1998 12.62
1999 12.79
2000 14.26
2001 13.55
2002 13.25
2003 13.69
2004 12.97
2005 13.31
2006 13.73
2007 14.82
2008 14.50
2009 13.65
2010 13.44
2011 13.85
2012 14.08
2013 13.63
2014 13.24
2015 13.16
2016 13.98
2017 14.49
2018 15.54
2019 15.20

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.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance