IS · Europe ↔ KR · Asia
Iceland vs South Korea: tax rates compared
South Korea's income tax rate is 3.2pp higher than Iceland's (49.5% vs 46.3%). The 37-country average is 43.2%: both sit above it.
Verified data covers four of the six tracked tax types for both countries; every rate below is cited to its source and dated.
Income Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 46.3% | Source: OECD Tax Database — Top statutory personal income tax rates · as of 2025-01-01 |
| South Korea | 49.5% | Source: OECD Tax Database — Top statutory personal income tax rates · as of 2025-01-01 |
| Difference | −3.2 pp | South Korea higher |
Corporate Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 20% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| South Korea | 26.4% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Difference | −6.4 pp | South Korea higher |
South Korea's corporate tax rate is 6.4pp higher than Iceland's (26.4% vs 20%). The 201-country average is 22.6%: Iceland sits below it, South Korea sits above it.
VAT
| Country | Rate | Source |
|---|---|---|
| Iceland | 24% | Source: PWC Worldwide Tax Summaries — Iceland (Corporate, Other taxes) · as of 2026-06-22 |
| South Korea | 10% | Source: PWC Worldwide Tax Summaries — Korea, Republic of (Corporate, Other taxes) · as of 2026-06-04 |
| Difference | +14 pp | Iceland higherlargest gap on this page |
Iceland's VAT rate is 14pp higher than South Korea's (24% vs 10%). The 37-country average is 19.5%: Iceland sits above it, South Korea sits below it.
Wealth Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 0% | Source: PWC Worldwide Tax Summaries — Iceland (Individual, Other taxes) · as of 2026-06-22 |
| South Korea | 0% | Source: PWC Worldwide Tax Summaries — Korea, Republic of (Individual, Other taxes) · as of 2026-07-02 |
| Difference | 0 pp | displayed rates match |
Iceland's wealth tax rate is identical to South Korea's — both sit at 0%. The 193-country average is 0.1%: both sit below it.
Not covered for both countries yet: Capital Gains Tax, Crypto Tax.