South Korea vs Panama
Tax Rate Comparison
Enter your income below for a personal tax estimate, then scroll down for full rate breakdowns.
💰 Personal Income Tax Calculator
Enter your income to see your estimated annual tax liability in each country — side by side.
Individual Income Tax (Top Marginal Rate)
VAT / GST / Sales Tax
Corporate Tax Rate
Capital Gains Tax
Social Security & Payroll
🇰🇷 South Korea — Local Income Tax & Resident Tax
South Korea's 17 metropolitan/provincial governments levy local income tax at 10% of national income tax. Property holding tax (Jongbu-se) is a national progressive tax on higher-value properties. Local education taxes and acquisition taxes apply to property transfers. Seoul has higher effective rates due to property values.
🇵🇦 Panama — Municipal & Corregimiento Taxes
Panama's 10 provinces and 81 districts have municipalities that levy commercial licence fees (Tasa Unica), property tax (impuesto de inmuebles at 0%–2.1%), and service fees. Panama City has the highest commercial licence fees. Panama uses a territorial tax system — income earned outside Panama is not taxed. This has made Panama a significant financial and trading hub. The Colón Free Zone is the world's second largest free trade zone. Panama is working to exit FATF grey lists and improve tax transparency.
South Korea vs Panama: Key Tax Differences (2026)
💰 Income Tax: 🇰🇷 South Korea has a higher top income tax rate (6–45% vs 0–25%). 🇵🇦 Panama is more favourable for high earners.
🛒 VAT/Sales Tax: South Korea has a higher consumption tax (10% vs 7%).
🏢 Corporate Tax: 🇰🇷 South Korea offers a lower corporate rate (24% vs 25%), which can influence business location decisions.
📈 Capital Gains: 🇵🇦 Panama taxes investment gains at a lower rate (10% vs 45%), benefiting investors.