Sri Lanka vs South Korea
Tax Rate Comparison
Enter your income below for a personal tax estimate, then scroll down for full rate breakdowns.
๐ฐ Personal Income Tax Calculator
Enter your income to see your estimated annual tax liability in each country โ side by side.
๐ฑ๐ฐ Sri Lanka โ Provincial & Local Authority Taxes
Sri Lanka's 9 provincial councils have some tax powers including turnover tax, certain business taxes, and stamp duties within their provinces. Local authorities (municipal councils, urban councils, pradeshiya sabhas) levy property tax (Assessment rate) at 25% of annual value and various service fees. The Inland Revenue Department (IRD) administers national taxes. Sri Lanka went through a severe debt crisis in 2022โ23; significant IMF-backed tax reforms dramatically raised income tax rates and broadened the tax base.
๐ฐ๐ท South Korea โ 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.
Sri Lanka vs South Korea: Key Tax Differences (2026)
๐ฐ Income Tax: ๐ฐ๐ท South Korea has a higher top income tax rate (6โ36% vs 6โ45%). ๐ฑ๐ฐ Sri Lanka is more favourable for high earners.
๐ VAT/Sales Tax: Sri Lanka has a higher consumption tax (18% vs 10%).
๐ข Corporate Tax: ๐ฐ๐ท South Korea offers a lower corporate rate (24% vs 30%), which can influence business location decisions.
๐ Capital Gains: ๐ฑ๐ฐ Sri Lanka taxes investment gains at a lower rate (10% vs 45%), benefiting investors.