Korea has both national and local taxes.
Unlike America, Korea does not pay tax seperately when buying an item. It is already included in the price. Value added tax is 10%.
Also, there is no "tip" system.
Income tax of Republic of Korea is progressive.
Korea has a progressive tax rate, which in 2009 was as follows:
o Earnings up to W12million Tax Rate is
6%
o Earnings from W12 million to W46 million Tax Rate is
16%
o Earnings from W46 million to W88 million Tax Rate is
25%
o Earnings over W88 million
Tax Rate is 35%
For foreign employees:
An individual who is a resident of a contracting State, and who at the
invitation of any university, college, or other recognized educational
institution, visits the other contracting State for a period not exceeding two
years solely for the purpose of teaching, or research or both at such
educational institution shall be taxable only in the first mentioned State on
his remuneration for such teaching or research.
The religious groups do not pay the tax. I personally believes that this is malicious practise because money corrupts them. The churchs bought so many unnecessary buildings that South Korea is literally covered by the Red cross. In fact, majority of Koreans do not have a religion. The religions have so much power in economy and politics. Buddihists started to eat meat, enjoy sex and is corrupted. Also, South Korea has numerous newly born religions. I believe that Church and the State must be seperated.
2013년 3월 18일 월요일
2013년 2월 22일 금요일
AP Econ-Lee-07
Republic of Korea(south Korea) regained its independence in 1945 and has been democratic, republic and capitalistic nation. Yet, there was military ruling in early days. South Korea had been devastated by Japanese control and was one of the poorest country. Park Jung Hee is the president who remarkably improved nation's economic status. Although he was forceful and suppressive through military control, he quickly industrialized the nation from agrarian society and reduced its ill effects. For instance, there was severe inflation during those days, but the citizens were not influenced by the inflation because the government controled the price of necessities. Unfortunately, Park Jung Hee was assassinated by military coup lead by Jeon Du Hwan (개 씨발 좆같은 천하에 하나없을 후레비 자식). He killed numerous students and citizens who fought for real democracy. (Everyone wants him to be in jail or to have death penalty, but it failed, so he is living very well).
Since then, South Korea became prosperous democratic nation. Although Koreans advocate a free enterprise economy, government has an important role in its economy through its policies and regulations. The government policies protected industies from foreign competition, established public projects and paid foreign debts. Many enterprises became private during IMF, but the government still plays big role.
Interesting Facts(?)
Korea is divided into North(Democratic People's Republic of Korea) and South(Republic of Korea). North is communist monarchy ruled by Kim Ilsung Kim JungIl and Kim JungEun. Since 1990, North Korea suffered severe famine due to isolation, underinvestment, waste of labor, lack of money circulation and security, and poor maintenance. Many food aid delieveries were sent to North Korean, but most of them went to the soldiers. North Korean men and women serves in military for 10 years. They have 38,000 Kim family statue, and poor money into meaningless thing. The soldiers work to dig tunnels to invade South Korea or underground facilities. Robbery is frequent, and they plant illegal drugs to sell. In order to evade famine, many North Koreans cross the river and live in China, but if they are caught by chinese police, they must go labor camp. Therefore, North Koreans usually do not get paid well like illegal mexican workers. The slave trade is common since they have no protection from their nation. Naive North Korean family who just crossed the river get seperated by these swindles and slave trade.
There is 5000 North Korean refugees in South Korea. There is several ways to come South Korea: to cross desert to mongol, to enter South Korean embassy in China, and to go south east asia and wait till South Korea can let them in. More you pays the broker, more safer the way is. After arriving South Korea, they are tested whether they are spy or not. Most spies are uncovered because they are so disciplined in military that they do not know real North Korean life. Then the refugees get education a while and start their own lives with initial 5thousand million won.
If they get caught, they're dead. ^^
South Korea has fastest internet connection and well developed public transportation system. Yet, average satisfaction rate is very(very*100) low due to sever competitions.
Since then, South Korea became prosperous democratic nation. Although Koreans advocate a free enterprise economy, government has an important role in its economy through its policies and regulations. The government policies protected industies from foreign competition, established public projects and paid foreign debts. Many enterprises became private during IMF, but the government still plays big role.
Interesting Facts(?)
Korea is divided into North(Democratic People's Republic of Korea) and South(Republic of Korea). North is communist monarchy ruled by Kim Ilsung Kim JungIl and Kim JungEun. Since 1990, North Korea suffered severe famine due to isolation, underinvestment, waste of labor, lack of money circulation and security, and poor maintenance. Many food aid delieveries were sent to North Korean, but most of them went to the soldiers. North Korean men and women serves in military for 10 years. They have 38,000 Kim family statue, and poor money into meaningless thing. The soldiers work to dig tunnels to invade South Korea or underground facilities. Robbery is frequent, and they plant illegal drugs to sell. In order to evade famine, many North Koreans cross the river and live in China, but if they are caught by chinese police, they must go labor camp. Therefore, North Koreans usually do not get paid well like illegal mexican workers. The slave trade is common since they have no protection from their nation. Naive North Korean family who just crossed the river get seperated by these swindles and slave trade.
There is 5000 North Korean refugees in South Korea. There is several ways to come South Korea: to cross desert to mongol, to enter South Korean embassy in China, and to go south east asia and wait till South Korea can let them in. More you pays the broker, more safer the way is. After arriving South Korea, they are tested whether they are spy or not. Most spies are uncovered because they are so disciplined in military that they do not know real North Korean life. Then the refugees get education a while and start their own lives with initial 5thousand million won.
If they get caught, they're dead. ^^
South Korea has fastest internet connection and well developed public transportation system. Yet, average satisfaction rate is very(very*100) low due to sever competitions.
2013년 2월 17일 일요일
AP Econ-Lee-06
Close government and buisness ties made this incredible growth possible.
2013년 2월 2일 토요일
AP Econ-Lee-05
http://www.inflation.eu/inflation-rates/south-korea/historic-inflation/cpi-inflation-south-korea.aspx
Historic CPI inflation South Korea (yearly basis)
From Jan. 1965 to Feb 2013.
Since its independence in 1945, the general trend of inflation rate has been decreasing, and consumer price index has been increasing. The reason why the inflation rate was so high in the beginning (more than 100%) is that the nation had nothing left after the brutal Japanese occupation. While Korean government had nothing to support the value of money, Korean government still printed money. The result was the inflation caused by higher supply of money than the demand. Since then, the value of money contantly decreased: due to sudden increase in the quantity and quality of the production, increase in wage, and forein impact (increase in oil price). Fast growth caused the inflation.
However, people in those days did not feel the inflation due to the controlled price by the government. President Park Jung Hee was a tyranny, although he worked for the nation and promoted the economic growth; the governemnt strictly controlled the price of necessities.
Recently, the inflation rate is usually between 1% and 4%. The inflation rate seems to have no influence from 1998 currency crisis and 2009 global crisis.
On the other hand, the consumer price index graph has steep slope in 1998 and 2009, which is relevant to GDP.
Historic CPI inflation South Korea (yearly basis)
Since its independence in 1945, the general trend of inflation rate has been decreasing, and consumer price index has been increasing. The reason why the inflation rate was so high in the beginning (more than 100%) is that the nation had nothing left after the brutal Japanese occupation. While Korean government had nothing to support the value of money, Korean government still printed money. The result was the inflation caused by higher supply of money than the demand. Since then, the value of money contantly decreased: due to sudden increase in the quantity and quality of the production, increase in wage, and forein impact (increase in oil price). Fast growth caused the inflation.
However, people in those days did not feel the inflation due to the controlled price by the government. President Park Jung Hee was a tyranny, although he worked for the nation and promoted the economic growth; the governemnt strictly controlled the price of necessities.
Recently, the inflation rate is usually between 1% and 4%. The inflation rate seems to have no influence from 1998 currency crisis and 2009 global crisis.
On the other hand, the consumer price index graph has steep slope in 1998 and 2009, which is relevant to GDP.
2013년 1월 20일 일요일
AP Econ-Lee-04
https://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_gdp_mktp_cd&scale_y=lin&ind_y=false&rdim=region&idim=country:KOR&ifdim=region&hl=en&dl=en&ind=false&q=korea+gdp
GDP in current U.S. dollar
As shown above, South Korea has met two significant economic depressions since its independence in 1945: one in 1998 and the other in 2009. GDP started from almost zero and achieved impressive growth for past 50 years. In addition, GDP per capita shows similar trend. In 1998, however, South Korea met currency crisis due to change in policy and sudden collapse of market confidence. Since 1980, Korean Government let the capital flow freely and opened the market. Suddenly large enterprises collapsed and increased the risk of investment. Thus, foreign investors prefered U.S. dollar, and Won (the korean currency) lost its value. Other Asian nations also had similar indications of currency crisis. Korean Government asked help from International Monetary Fund and other international banks to overcome this crisis. Also Korean citizens had Gold campaign to repay their debts. As a result, South Korea repaid all 19.5 billion dollar within 3 years and 8 month.
2008 financial crisis was global crisis. Korea is dependent on exports which means that U.S. crisis equals Korean crisis. Also, increasing oil price and interest rate influenced the crisis. Main cause of U.S. crisis is subprime mortgage, lending money to low income laborers with high interest. Several banks collapsed, and economy collapsed.
Main industries of South Korea are electronics, telecommunications, automobiles, chemicals, shipbuilding and steel production, (basically IT industry). Main export goods are semiconductors, wireless telecommunications equipment, moter vehicles, computers, steel, ships, and petrochemicals. Main import goods are machinery, electronics, oil, steel, transport equipment, organic chemicals and plastics. Major trade partners are U.S., China, Japan and Saudi Arabia. Furthermore, South Korea is 6th exporting nation and 8th importing nation.
GDP in current U.S. dollar
As shown above, South Korea has met two significant economic depressions since its independence in 1945: one in 1998 and the other in 2009. GDP started from almost zero and achieved impressive growth for past 50 years. In addition, GDP per capita shows similar trend. In 1998, however, South Korea met currency crisis due to change in policy and sudden collapse of market confidence. Since 1980, Korean Government let the capital flow freely and opened the market. Suddenly large enterprises collapsed and increased the risk of investment. Thus, foreign investors prefered U.S. dollar, and Won (the korean currency) lost its value. Other Asian nations also had similar indications of currency crisis. Korean Government asked help from International Monetary Fund and other international banks to overcome this crisis. Also Korean citizens had Gold campaign to repay their debts. As a result, South Korea repaid all 19.5 billion dollar within 3 years and 8 month.
2008 financial crisis was global crisis. Korea is dependent on exports which means that U.S. crisis equals Korean crisis. Also, increasing oil price and interest rate influenced the crisis. Main cause of U.S. crisis is subprime mortgage, lending money to low income laborers with high interest. Several banks collapsed, and economy collapsed.
Main industries of South Korea are electronics, telecommunications, automobiles, chemicals, shipbuilding and steel production, (basically IT industry). Main export goods are semiconductors, wireless telecommunications equipment, moter vehicles, computers, steel, ships, and petrochemicals. Main import goods are machinery, electronics, oil, steel, transport equipment, organic chemicals and plastics. Major trade partners are U.S., China, Japan and Saudi Arabia. Furthermore, South Korea is 6th exporting nation and 8th importing nation.
2012년 11월 26일 월요일
AP Econ-Lee-03
In South Korea, tax on oil exceeds the prime cost. In other word, half the price consummers pay is tax for the government. The main reason is that international market price has been decreasing (because of increasing supply) while tax is not changed. The biggest proportion of the tax is from transportation fee.
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