Personal Income Tax Rate in South Korea remained unchanged at 42 percent in 2020 from 42 percent in 2019. source: National Tax Service, South Korea

Personal Income Tax Rate in South Korea averaged 37.47 percent from 2004 until 2020, reaching an all time high of 42 percent in 2018 and a record low of 35 percent in 2005. This page provides - South Korea Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Personal Income Tax Rate - values, historical data and charts - was last updated on April of 2021.

Personal Income Tax Rate in South Korea is expected to reach 40.00 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Personal Income Tax Rate is projected to trend around 40.00 percent in 2022 and 42.00 percent in 2023, according to our econometric models.

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South Korea Personal Income Tax Rate

Actual Previous Highest Lowest Dates Unit Frequency
42.00 42.00 42.00 35.00 2004 - 2020 percent Yearly

South Korea Taxes Last Previous Highest Lowest Unit
Corporate Tax Rate 25.00 25.00 40.00 22.00 percent [+]
Personal Income Tax Rate 42.00 42.00 42.00 35.00 percent [+]
Sales Tax Rate 10.00 10.00 10.00 10.00 percent [+]
Social Security Rate 18.94 18.30 18.94 15.30 percent [+]
Social Security Rate For Companies 9.96 9.65 10.40 8.50 percent [+]
Social Security Rate For Employees 8.98 8.65 8.98 6.70 percent [+]


South Korea Personal Income Tax Rate
In South Korea, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of South Korea.