Korean Job Discussion Forums

[Real Reality]

Koreans Pay More Taxes Than Ever
Koreans paid a record W3.16 million (about US$3,160) a head in taxes last year. The Ministry of Finance and Economy handed Uri Party lawmaker Kim Jong-yull data that show Koreans paid 2.5 percent more taxes in 2004 than the W3.08 million of the previous year.

Per-capita tax payments went from W2.42 million in 2000 to W2.59 million in 2001 and W2.84 million in 2002. "Tax revenues are increasing as the economy grows, but as population growth decreases, the per-capita tax burden is setting new records every year," the ministry said.
Chosun Ilbo (August 14, 2005)
http://english.chosun.com/w21data/html/news/200508/200508140022.html

[Real Reality]

Per Capita Tax Burden Tops W3.6 Mil.
"More money will be spent to foster research and development (R&D) activities, improve the livelihood of low-income brackets and build a better social welfare system," the Planning and Budget Minister Byoen Yang-kyoon said.
By Lee Hyo-sik, Korea Times (September 27, 2005)
http://times.hankooki.com/lpage/200509/kt2005092717202510440.htm


http://photo.hankooki.com/gisaphoto/20050927/kt2200509271857080ca.jpg

[Real Reality]

Korean salaried workers will shoulder a much higher tax burden next year as their income taxes will increase over 12 percent amid slow income growth. "It is natural that people's taxes and social security contributions increase during the course of entering into an advanced economy to strengthen the social welfare system," a market analyst said. "Nevertheless, the growth pace of taxes and social security contributions surpassing that of the national income is worrisome," he added.
Salaried Workers to Shoulder More Taxes
By Kim Jae-kyoung, Korea Times (October 3, 2005)
http://times.hankooki.com/lpage/200510/kt2005100317353310160.htm