By Lee Kyung-min
Korea's corporate tax rate was the seventh-highest among 36 economically advanced countries, data showed Thursday.
According to data provided by Rep. Shim Jae-chul of the main opposition Liberty Korea Party at the 2018 National Assembly audit of the Ministry of Economy and Finance, Korea's 25 percent corporate tax rate was the seventh-highest among members of the Organization of Economic Cooperation and Development (OECD).
France imposed the highest rate at 33.3 percent, followed by Australia, Mexico, Belgium, Greece and New Zealand (28 percent).
Among the highly advanced G7 countries ― Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S. ― France was the only nation that had a higher tax rate than Korea.
The opposition lawmaker said the global trend is leaning towards cutting corporate taxes, a measure to help foster corporate competitiveness.
"The average corporate tax rate imposed among countries with export-reliant economies stood at 20.3 percent, much lower than Korea. Global competitiveness of companies in such nations is feared to be undermined by high corporate tax," Shim said.
The average corporate income tax rate among OECD countries dropped to 23.9 percent in 2018, down 8.6 percent from 2000.
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