SOUTH KOREA #98

SOUTH KOREA #98
VALUE RANKING NOTES
TAXATION TOP TAX RATE PLACE AMONG COUNTRIES NOTES
INCOME TAX 38% #149/196 PROGRESSIVE TAX RATES
CORPORATE TAX 24.2% #75/196 FLAT TAX
CAPITAL GAINS TAX 60% #184/188 VARIES WITH ASSET TYPE; E.G., GAINS ON SECURITIES OF SMALL CORPORATIONS ARE TAXED AT 10%, GAINS ON SPECIAL TYPES OF LAND ARE TAXED AT 60%
VALUE ADDED TAX 10% #16/197
SIMPLE AVERAGE MOST-FAVORED-NATION TARIFF 13.34% #53/186
INHERITANCE TAX 50% #164/178
INTERNATIONAL TAXATION YES / NO # OF COUNTRIES - YES / NO NOTES
WORLD INCOME TAXABLE FOR CITIZEN RESIDENTS YES 148 YES/47 NO RESIDENTIAL TAXATION
WORLD INCOME TAXABLE FOR FOREIGN RESIDENTS NO 142 YES/53 NO EXEMPTION FOR FIRST 5Y, PROVIDED THE INCOME IS NOT PAID OUT IN, OR REMITTED TO SOUTH KOREA; RESIDENTIAL TAXATION
LOCAL INCOME TAXABLE FOR NON-RESIDENTS YES 178 YES/17 NO TERRITORIAL TAXATION
LEGAL PROTECTION 1 = MOST FAVORABLE PLACE AMONG COUNTRIES NOTES
STRENGTH OF LEGAL RIGHTS 0.78 #35/187
STRENGTH OF INVESTOR PROTECTION 0.57 #48/184
INVESTMENT FREEDOM YES / PARTIALLY / NO # OF COUNTRIES YES/PARTIALLY/NO NOTES
FREELY CONVERTIBLE CURRENCY NO 53 Y/20 P/125 N -
FOREIGN FREEHOLD PROPERTY OWNERSHIP YES 109 Y/18 P/71 N Reciprocity Principle***
COST OF LIVING 1 = MOST FAVORABLE PLACE AMONG COUNTRIES NOTES
COST OF LIVING 0.62 #150/190 CHEAPER THAN US (US = 0.42)
INFLATION RATE PLACE AMONG COUNTRIES NOTES
AVERAGE ESTIMATED ANNUAL INFLATION FOR 2011-2018 3% #72/195 OPTIMAL RANGE IS 1.50 - 2.50%
Countries within the optimal inflation range (1.5-2.5%) are ranked highest, while countries with inflation rates lower or higher than 1.5-2.5% are ranked lower. For details on how countries are ranked according to their inflation rates, please click on "Inflation" in the first column of this table or select "By Indicator - Inflation" in the menu bar.
Sources are indicator-specific and can be accessed through the "By-Indicator" section or through the indicator links in the first column of this table.
The reciprocity principle states that foreigners are only allowed to invest in freehold property when locals are allowed to do the same in the foreigner's country of origin.