Taxes on goods and services in South Korea
South Korea: Taxes on goods and services was 114.81 trillion current LCU in 2024. ◆ Volatile
Taxes on goods and services in South Korea, 1972–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
In 2024, taxes on goods and services in South Korea stood at 114.81 trillion current LCU.
That represents a change of up 6.5% on the previous year and up 32.3% over ten years.
Over the whole period, taxes on goods and services in South Korea peaked at 118.30 trillion current LCU in 2022 and was at its lowest, 241.50 billion current LCU, in 1972.
South Korea ranks 4th of 157 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.03 trillion current LCU | 241.50 billion current LCU | 2.36 trillion current LCU | 8 |
| 1980s | 5.95 trillion current LCU | 3.10 trillion current LCU | 8.67 trillion current LCU | 10 |
| 1990s | 22.07 trillion current LCU | 11.10 trillion current LCU | 34.96 trillion current LCU | 10 |
| 2000s | 55.15 trillion current LCU | 40.76 trillion current LCU | 67.03 trillion current LCU | 10 |
| 2010s | 92.13 trillion current LCU | 74.70 trillion current LCU | 111.34 trillion current LCU | 10 |
| 2020s | 113.19 trillion current LCU | 107.27 trillion current LCU | 118.30 trillion current LCU | 5 |
Countries ranked near South Korea
More public sector data for South Korea
- Arms imports 1.01 billion SIPRI trend indicator values (2024)
- Tax revenue 13.3% (2024)
- Taxes on income, profits and capital gains 27.5% (2024)
- Taxes on goods and services 17.0% (2024)
- Net investment in nonfinancial assets 1.3% (2024)
- Net lending (+) / net borrowing (-) -1.8% (2024)
- Interest payments 5.3% (2024)
- Grants and other revenue 19.8% (2024)
- Interest payments 4.4% (2023)
- Other taxes 4.7% (2024)
Frequently asked questions
- What is taxes on goods and services in South Korea?
- Taxes on goods and services in South Korea was 114.81 trillion current LCU 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 South Korea?
- The highest recorded value was 118.30 trillion current LCU in 2022.
- What is the lowest taxes on goods and services recorded in South Korea?
- The lowest recorded value was 241.50 billion current LCU in 1972.
- How does South Korea rank for taxes on goods and services?
- South Korea ranks 4th out of 157 countries with data for 2024.
- Is taxes on goods and services rising or falling in South Korea?
- Over the last ten years it is up 32.3%. The long-run trend across the full record is volatile.
- Where does this South 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 (current LCU). 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 in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.