Venezuela 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.
๐ป๐ช Venezuela โ Municipal & State Taxes
Venezuela's 23 states and Caracas Capital District have constitutionally defined taxing powers. States levy taxes on minerals, hydrocarbons (petrรณleo royalties), and salinas. Municipalities levy the Impuesto sobre Actividades Econรณmicas (IAE) โ a gross receipts tax โ at 0.5%โ10% on businesses, varying dramatically by municipality. The SENIAT (tax authority) administers national taxes. Hyperinflation (2017โ2021) destroyed the bolรญvar and most formal taxation. Dollarization and new strong bolรญvar (VES) partially stabilized the system. Significant informal economy.
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.
Venezuela vs South Korea: Key Tax Differences (2026)
๐ฐ Income Tax: ๐ฐ๐ท South Korea has a higher top income tax rate (6โ34% vs 6โ45%). ๐ป๐ช Venezuela is more favourable for high earners.
๐ VAT/Sales Tax: Venezuela has a higher consumption tax (16% vs 10%).
๐ข Corporate Tax: ๐ฐ๐ท South Korea offers a lower corporate rate (24% vs 34%), which can influence business location decisions.
๐ Capital Gains: ๐ป๐ช Venezuela taxes investment gains at a lower rate (34% vs 45%), benefiting investors.