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Prepared by Tarhan Feyzioğlu.
However, net public social expenditure (after tax) is estimated to be higher in Korea than most of the other OECD countries, because many governments tax more than provide tax advantages for social purposes (OECD 2003 and Adema 2001).
However, given the rapid pace of the demographic changes in Korea, even this favorable position is expected to change and the assets of the NPF, under the new parameters, are projected to be exhausted soon after 2070.
An FAD TA mission discussed the overall tax reform agenda in Seoul in September 2005.