South Korea's tax burden ratio is expected to surpass 20 percent of its gross domestic product (GDP) for the first time this year.

The Finance Ministry and the Interior Ministry predicted on Sunday that the government is expected to collect 365 trillion won in tax revenues by the end of this year, up five-point-five percent from a year earlier.

With the country's GDP estimated at one-thousand-799 trillion won this year, the country's ratio of tax burden to the GDP is predicted to reach 20-point-28 percent.

The tax burden ratio stood at 16-point-six percent in 1990 but rose to 19-point-six percent in 2007, before falling to 17-point-nine percent in the wake of the global financial crisis. This rose again to 19-point-97 percent in 2017.

However, the country's ratio remains low compared to other members of the Organization for Economic Cooperation and Development, which stood at an average of 25 percent in 2015.