An analysis found that Korea’s real estate-related tax burden is the third highest among OECD countries. On the 16th, Rep. Gyeong-jun Yoo analyzed the share of real estate-related taxes, such as property tax, comprehensive real estate tax, and capital gains tax, in nominal gross domestic product (GDP).As a result, Korea’s tax share was 4.05% (as of 2018) among OECD member countries. It was in third place. This is more than twice as high as the average of 1.96% in 38 OECD countries.
Among OECD member countries, only the UK (4.48%) and France (4.13%) had a higher ratio of real estate-related taxes to GDP than Korea. The US (3.97%) and Japan (2.59%) have a relatively lower tax burden than Korea. Among countries with similar GDP size to Korea, Canada (3.45%) was 6th and Australia (2.78%) 9th. If you expand the scope to 2020, the tax burden on Korea will increase. The ratio of real estate-related taxes to Korea’s GDP as of 2020, as estimated by Congressman Yoo, increased to 4.43%. In Korea, the rate of increase in the burden of holding taxes, such as the tax on tax, was remarkably fast.
Looking at only the property tax and property tax, etc., among real estate-related taxes, Korea was 0.82% of GDP in 2018, less than the OECD average (1.07%), but showed a high rate of increase to 0.92% in 2019 and 1.20% in 2020. Rep. Yoo argued, “If the tax rate of the tax increase is applied from this year, the proportion of real estate ownership tax in Korea will be at the top of the list.
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