[2020 National Tax Statistics] 852,000 Earners with Annual Salary Over 100 Million Won... 6.2% Increase from Previous Year

Year-end Tax Adjustment Workers Steadily Increasing... 19.17 Million in 2019, Up 3.1% from Previous Year

[Asia Economy Reporter Kwangho Lee] The number of workers filing year-end tax settlements has been steadily increasing. Last year, the number of individuals with total annual salaries exceeding 100 million won significantly rose.

On the 29th, the National Tax Service (NTS) published the "2020 National Tax Statistical Yearbook" containing this information.

Including 28 new statistics, a total of 538 national tax statistical items were disclosed. By category, these include 27 items on collection (tax revenue), 74 on corporate tax, 39 on income tax, 89 on value-added tax, 38 on withholding tax, 42 on capital gains tax, 34 on inheritance and gift tax, 14 on comprehensive real estate tax, and 84 on earned income tax credit.

The total number of workers who filed year-end tax settlements for the 2019 tax year was 19.17 million, a 3.1% increase compared to the previous year.

Workers with no tax payable (below taxable threshold) numbered 7.05 million, accounting for 36.8% of the total. This proportion decreased by 2.1 percentage points from the previous year.

The number of workers earning over 100 million won annually was 852,000, a 6.2% increase compared to the previous year.

The proportion of these high earners among all year-end tax settlement filers was 4.4%, up 0.1 percentage points from the previous year.

The average salary was 37.33 million won, a 2.7% increase compared to the previous year.

An NTS official stated, "We are striving to improve the national tax statistics service centered on users to provide useful information to the public."

The NTS pre-released 181 national tax statistics before the publication of the yearbook (in July and November) for users to utilize, and produced an online "National Tax Statistics Guide" including basic concepts and frequently asked questions to facilitate easy understanding.