South Korea's nominal corporate tax rate may be on par with the Organization for Economic Cooperation and Development(OECD) average but its effective rate ranks low among member countries.

According to a report by Kang Byung-goo, a professor at Inha University, who analyzed data from Oxford University's Center for Business Taxation, South Korea's maximum corporate tax rate stands at 24-point-two percent this year, similar to the OECD average of 24-point-five percent.

The figure is the 18th highest in the OECD and much lower than the near 39 percent in the U.S. and just below 30 percent in Japan.

However, it is higher than the highest corporate rates in countries such as Sweden(22%), the UK(19%) and Hungary(9%).

In terms of effective corporate tax rate, or the percentage of paid tax in proportion to a company's total revenue, South Korea ranked 25th with a rate of 18 percent compared to the OECD average of 21-point-eight percent.

The U.S. topped the list with 34-point-nine percent while Japan posted 27-point-three, Sweden 19-point-four and Britain 18-point-five percent.

Professor Kang said the reason why the effective tax rate is low in South Korea is because of various tax exemptions and benefits granted to businesses.