Income Tax in 🇰🇷 South Korea

Tax brackets, effective rates, and net income calculations. Data from official government sources.

The Taxation Score of 49/100 reflects a moderate tax burden, with tax revenue at 28.8% of GDP and a corporate tax rate of 24%, plus a 10% VAT. Individual income tax brackets range from 6% for lower earners up to 45% for incomes exceeding 1 billion KRW, suggesting a progressive system where the median salary of $42,747 USD would fall into the 15-24% bracket after conversion. Expats should factor these rates into their financial planning.