SEOUL, KOREA - The average tax amount to be burdened by each one of Koreans next year is estimated at 5.46 million won. Per-capita debt will be 11.3 million won, up more than 800,000 won from this year. According to tax receipt estimates in the 2015 Budget Proposal announced by the government on September 18, the central government tax receipt for the next year is 221.5 trillion won.
Given the local tax receipt of 54.0 trillion won, the total tax receipt of 275.5 trillion won divided by the number of population (50.42 million) would be 5,464,000 won. This is down 37,000 won from this year's estimated per-capita tax burden of 5,501,000 won. As the actual tax receipt for the year would be 8-9 trillion won lower than projected, however, the final tax bill per person would be slightly lower than that.
The tax burden ratio that measures the share of tax payments in the gross domestic products would be 17.5 percent in the fiscal year 2015, down 0.5 percentage point from this year's 18.0 percent. The government plans to maintain the tax burden ratio at the 18-percent level. This is much lower than European countries such as Britain (27.8%), Finland (30.9%), Sweden (38.6%), and Denmark (46.9%). The average for the Organization for Economic Cooperation and Development member nations is 26.2 percent.
The aggregate national debt balance for the next year was estimated at 570.1 trillion won, or 11,307,000 won for each one of the 50.42 million Koreans including infants. This is 854,000 won higher than that for this year.
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