South Korea's tax-to-gross domestic product(GDP) ratio reached nearly 27 percent in 2018.

According to the National Assembly Budget Office on Monday, the country's tax-to-GDP ratio, which refers to a country's tax revenue and safety net contributions divided by its GDP, came to 26-point-eight percent last year, up one-point-four percentage points from a year earlier.

It's the fifth consecutive annual increase since 2014 and the steepest on-year jump in a decade.

The country's ratio, however, remains lower than that of other Organization for Economic Cooperation and Development countries, which posted an average of 34-point-two percent in 2017.