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S. Korea's Per Capita Tax Burden Tops 10 Million Won for First Time in 2019

Write: 2020-05-24 14:07:12Update: 2020-05-24 14:16:08

S. Korea's Per Capita Tax Burden Tops 10 Million Won for First Time in 2019

Photo : KBS News

South Korea's per capita tax burden surpassed ten million won for the first time in 2019.
 
According to an analysis of tax data by Rep. Choo Kyung-ho of the main opposition Future Korea Party on Sunday, the country's annual tax burdens came to an average of ten million and 141-thousand won per person last year.
 
The taxes include both central and regional government taxes, as well as "quaxi" taxes such as contributions to national pension or health insurance.
 
The per capita tax burden is rapidly increasing and is hitting a new record every year; it jumped from six-point-eight million won in 2013 to nine-point-eight million won in 2018.
 
The ratio of people's overall financial burden to the country's gross domestic product also hit a record 27-point-four percent last year, steadily rising from 23-point-one percent in 2013.

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