Taxes on goods and services in Korea
Korea: Taxes on goods and services was 4.9% in 2024. ▼ Falling
Taxes on goods and services in Korea, 1972–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % value added of industry and services.
Analysis
Korea recorded 4.9% for taxes on goods and services in 2024.
That represents a change of up 0.3% on the previous year and down 16.3% over ten years.
Over the whole period, taxes on goods and services in Korea peaked at 10.6% in 1975 and was at its lowest, 4.9%, in 2023.
Korea ranks 129th of 154 countries on this measure, in the bottom quarter.
The long-run direction has been consistently falling across the 53 years of available data.
Taxes on goods and services in Korea, year by year
| Year | % value added of industry and services | Change |
|---|---|---|
| 1972 | 8.4% | — |
| 1973 | 8.0% | -4.6% |
| 1974 | 8.9% | +10.5% |
| 1975 | 10.6% | +19.2% |
| 1976 | 10.5% | -0.5% |
| 1977 | 10.1% | -3.5% |
| 1978 | 9.8% | -3.2% |
| 1979 | 10.0% | +2.2% |
| 1980 | 10.2% | +1.3% |
| 1981 | 10.1% | -0.7% |
| 1982 | 9.9% | -1.6% |
| 1983 | 9.8% | -1.1% |
| 1984 | 9.0% | -8.6% |
| 1985 | 8.4% | -6.9% |
| 1986 | 7.9% | -5.2% |
| 1987 | 7.2% | -9.6% |
| 1988 | 7.0% | -1.9% |
| 1989 | 6.1% | -13.1% |
| 1990 | 6.4% | +5.4% |
| 1991 | 5.7% | -11.5% |
| 1992 | 6.2% | +8.2% |
| 1993 | 6.2% | +0.7% |
| 1994 | 6.2% | +0.5% |
| 1995 | 6.0% | -3.5% |
| 1996 | 6.3% | +5.3% |
| 1997 | 6.4% | +0.4% |
| 1998 | 5.6% | -12.1% |
| 1999 | 6.6% | +17.4% |
| 2000 | 6.9% | +5.7% |
| 2001 | 7.2% | +3.3% |
| 2002 | 7.1% | -1.2% |
| 2003 | 6.9% | -2.4% |
| 2004 | 6.4% | -7.8% |
| 2005 | 6.3% | -0.7% |
| 2006 | 6.2% | -2.0% |
| 2007 | 6.3% | +1.1% |
| 2008 | 6.1% | -2.1% |
| 2009 | 6.0% | -2.7% |
| 2010 | 6.1% | +1.5% |
| 2011 | 5.8% | -3.7% |
| 2012 | 6.4% | +9.8% |
| 2013 | 6.0% | -6.4% |
| 2014 | 5.9% | -2.2% |
| 2015 | 5.6% | -4.2% |
| 2016 | 6.0% | +6.8% |
| 2017 | 6.0% | +0.5% |
| 2018 | 6.1% | +1.6% |
| 2019 | 5.8% | -4.8% |
| 2020 | 5.8% | -1.2% |
| 2021 | 5.9% | +1.9% |
| 2022 | 5.6% | -4.5% |
| 2023 | 4.9% | -12.8% |
| 2024 | 4.9% | +0.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 9.5% | 8.0% | 10.6% | 8 |
| 1980s | 8.6% | 6.1% | 10.2% | 10 |
| 1990s | 6.2% | 5.6% | 6.6% | 10 |
| 2000s | 6.5% | 6.0% | 7.2% | 10 |
| 2010s | 6.0% | 5.6% | 6.4% | 10 |
| 2020s | 5.4% | 4.9% | 5.9% | 5 |
Countries ranked near Korea
- 126 Trinidad and Tobago 5.3% compare
- 127 Switzerland 5.2% compare
- 128 Australia 5.2% compare
- 130 Bangladesh 4.9% compare
- 131 Philippines 4.6% compare
- 132 Myanmar 4.5% compare
More public sector data for Korea
- Arms imports 1.01 billion SIPRI trend indicator values (2024)
- Arms imports (SIPRI trend indicator values), per capita 19.5 SIPRI trend indicator values per person (2024)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0005 SIPRI trend indicator values per US$ of GDP (2024)
- Arms imports (SIPRI trend indicator values), annual growth rate 362.84 % change on previous year (2024)
- Arms imports (SIPRI trend indicator values), gaps filled 1.01 billion SIPRI trend indicator values (2024)
- Military expenditure (current USD), per capita 919.23 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0.0254 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate -0.4824 % change on previous year (2024)
- Military expenditure (current USD), gaps filled 47.57 billion current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 2,234 SIPRI trend indicator values per square kilometre (2023)
Frequently asked questions
- What is taxes on goods and services in Korea?
- Taxes on goods and services in Korea was 4.9% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on goods and services recorded in Korea?
- The highest recorded value was 10.6% in 1975.
- What is the lowest taxes on goods and services recorded in Korea?
- The lowest recorded value was 4.9% in 2023.
- How does Korea rank for taxes on goods and services?
- Korea ranks 129th out of 154 countries with data for 2024.
- Is taxes on goods and services rising or falling in Korea?
- Over the last ten years it is down 16.3%. The long-run trend across the full record is falling.
- Where does this Korea data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Taxes on goods and services (% value added of industry and services). Statizoid updates them automatically from the source API.
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About this data
General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed as a percentage of value added in industry and services which is the contribution to the economy by industries in ISIC (Rev. 3) divisions 05-43 and 50-99.