The top individual income tax rate is 35 percent, and the top corporate tax rate is 22 percent (with a 10 percent surtax on individual and corporate rates). Other taxes include a value-added tax. The overall tax burden is equivalent to 26.8 percent of domestic income. Government spending equals 32.7 percent of total domestic output, and public debt amounts to approximately 37 percent of GDP.
South Korea's market economy ranks 13th in the world by both nominal and purchasing power parity GDP, identifying it as one of the G-20 major economies. It is a developed country with a high-income economy and is the most industrialized member country of the OECD.