Taxation and Economic Development among Pacific Asian Countries

By Richard A. Musgrave; Ching-Huei Chang et al. | Go to book overview

10
The International Dimension
of Korean Tax Policy

Wan-soon Kim and Kwang-chul Lee


1. Introduction

For more than two decades Korea has demonstrated impressive economic performance while continuing to maintain a heavy defense burden. Gross national product grew at an average annual rate of 10 percent in real terms, and per capita real GNP more than quadrupled, reaching US$4,127 in 1988. 1

Such sustained high output growth was due largely to Korea's outward-looking development strategy. Gross commodity exports and imports combined reached 65 percent of GNP in 1988. 2 As a result, Korea has grown to be the world's twelfth largest trading country, and its two- way trade share accounts for about 2 percent of the world's exports and imports.

Korea is now being listed among the few trade-surplus nations and is perceived not as a small developing country but as a strong industrial power with appreciable global market impact. It took Korea only a few years to move into the ranks of the newly industrialized economies. After 1962, the Korean economy suffered from a high rate of inflation. Despite the raid increase in exports, the balance-of-payments deficit continued to be a serious constraint on the steady growth of the economy During the energy crisis of the 1970s, when the cost of oil quadrupled, Korea's foreign debt grew at an alarming rate, peaking at US$47.6 billion in 1985, placing Korea fourth among the world's debtor nations.

Fortunately, due to several external factors that were largely beyond Korea's control, the situation began to turn around in the mid-1980s. Low oil prices, low world interest rates, and a lower value of the U.S. dollar against other major currencies all combined to significantly reduce Korea's real debt burden, improve its trade balance, and strengthen the

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Taxation and Economic Development among Pacific Asian Countries
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • 1 - Introduction 1
  • Notes 10
  • 2 - Indonesian Tax Reform, 1985-1990 11
  • Notes 41
  • References 42
  • 3 - The Tax System and Economic Development in Japan 44
  • Notes 61
  • References 62
  • 4 - Tax Reform in the Philippines 64
  • Notes 80
  • 5 - Tax Reform in Malaysia: Trends and Options 82
  • Notes 100
  • References 101
  • 6 - Property Taxation as a National Policy Tool in Taiwan 104
  • Notes 116
  • References 116
  • Notes 137
  • References 138
  • 8 - Effective Corporate Tax Rates on Capital Income in Hong Kong 140
  • Notes 153
  • 9 - Tax Policy and Business Investment: Taiwan's Manufacturing Industry 156
  • Notes 165
  • References 167
  • 10 - The International Dimension of Korean Tax Policy 168
  • Notes 191
  • References 192
  • 11 - Tax Incentives for Export Promotion in Japan, 1953-1964 194
  • Notes 207
  • References 208
  • 12 - International Aspects of Income Taxation in Taiwan 210
  • Notes 221
  • References 223
  • 13 - Financing Social Security in Singapore Through the Central Provident Fund 225
  • Notes 255
  • References 255
  • 14 - A New Role for Fiscal Policy and Tax Finance in Korea 259
  • Notes 275
  • References 276
  • About the Book 280
  • About the Editors and Contributors 281
  • Index 283
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