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South Korea Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
51,181,299 (July 2017 est.)
GDP (PPP)
$2.027 trillion (2017 est.)

GDP growth rate
3% (2017 est.)

A very good rate for such a developed economy, which the Country managed to keep in the previous years

GDP (PPP) per capita
$39,400 (2017 est.)

Medium to high

Local currency
South Korean Won (KRW)

It was hit heavily during the Asian financial crisis of the late 1990s, but it is now a relatively stable currency

Financial stability (Public debt)
43.3% of GDP (2017 est.)

Low to medium

Inflation
1.9% (2017 est.)

Medium, very good level of inflation

Language
Korean

English (widely taught in elementary, junior high, and high school)

Corruption perception index (Source: Transparency International)
51/180

Medium to high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT

10% standard VAT rate on the supply of goods and services Exemptions from VAT exist on certain goods and services (e.g. unprocessed foodstuffs and agricultural products, medical and health services)
Corporate Tax

10% to 22% progressive corporate tax rates 10% additional tax on retained earnings only for big companies 1% to 2.2% local income tax
Duties

Customs duties are generally assessed on imported goods depending on the goods categorization and origin

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