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THE INVESTOR
October 23, 2018
Big Reunion

Economy

Tax burden on workers higher than firms

  • PUBLISHED :October 23, 2017 - 10:03
  • UPDATED :October 23, 2017 - 10:03
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[THE INVESTOR] The tax burden for workers has grown at a much faster pace than for corporations and high-income earners, a ruling party lawmaker's office said on Oct. 23.
 
The collected income tax in 2015 totaled 62.4 trillion won (US$55.10 billion), up 46.3 percent from 2011, data provided by Rep. Park Gwang-on showed. Of the total, 28.2 trillion won was levied as a tax on earned income, up from 18.82 trillion won for an increase of 49.5 percent.
 
The corporate tax, by comparison, increased only 0.35 percent to 45.29 trillion won.
 
Income tax counted for 30 percent of collected tax, up from 23.7 percent. Such a proportion for tax on earned income grew to 13.5 percent from 10.4 percent. The share of corporate tax during the years decreased from 24.9 percent to 21.6 percent.
 
The tax burden on the high-income group also grew slower than for ordinary salaried workers in the five-year period. The determined tax for average workers earning 32.46 million won a year reached 5.5 billion won, up 43.7 percent from 3.8 billion won. For top 0.1 percentile income earners, the tax amount rose 34.4 percent to 3.43 trillion won from 2.55 trillion won, data showed.
 
By Alex Lee and newswires (alexlee@heraldcorp.com)
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