Korea’s tax burden ranked 32nd out of 36 OECD nations

Irving Hamilton
December 8, 2018

In an OECD study released on Wednesday, Korea ranked 32 out of the 36 member states in tax revenue against total gross domestic product (GDP) in 2017.

The Organisation for Economic Cooperation and Development (OECD) said on Wednesday overall government tax revenue on average reached 34.2 percent of gross domestic product (GDP) previous year among 34 developed countries for which the Paris-based body compiled data.

Meanwhile, France topped the list, . with tax revenues equivalent to 46-point-2 percent of its economic output.

Denmark's tax revenue has remained close to 46 percent since 2000.

Six dead and 50 injured in nightclub stampede
Poggiali also said he didn't have any immediately confirmation about use of any irritating spray. "I went out the main door". A further 120 people were injured, including around 10 seriously, local media reported, citing local rescue authorities.

The United States saw the second-biggest increase in 2017 - 1.3 percentage points to 27.1 percent of GDP, which the OECD said was partly due to a one-off repatriation of tax on companies' foreign earnings.

Therefore, in Greece, especially in the period from 2015 to 2017 - and against the global trend - taxes and social security contributions increased disproportionately, making Greece the country with the steepest tax increase in that period, from 35.7 to 39.4 percent of GDP. French Prime Minister Edouard Philippe on Tuesday postponed a proposed hike in the country's tax on gas and diesel fuel, meant to encourage more usage of electric vehicles.

This past weekend, 130,000 people demonstrated across France, putting up more than 580 roadblocks.

It was a significant reversal for Macron's government, preceded by weeks of violent protests by people known as "yellow vests", named for the bright yellow garments they wear, that left four people dead.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER