South Korea collected nearly 378 trillion won in local and central government taxes last year, with the tax-to-gross domestic product (GDP) ratio rising sharply.
According to the data from the government and the Bank of Korea, South Korea's combined revenue in taxes came to 377-point-nine trillion won last year, up nine-point-three percent from a year earlier.
The tax-to-GDP ratio posted 21-point-two percent last year, up one-point-two percentage points from 2017. It marked the sharpest growth since a one-point-six percentage-point on-year rise was posted in 2000.
The rise is attributed to an increase in tax revenues coupled with a slow rise in the GDP.
However, the nation's tax-to-GDP ratio remains low compared to other members of the Organization for Economic Cooperation and Development (OECD). The nation's ratio marked 20 percent in 2017, the seventh lowest among 33 OECD members surveyed.