Corporate tax, at 40 percent, is higher than the average level in OECD countries, according to a report by the Ministry of Finance.

Corporate tax in OECD countries was between 24 percent to 27 percent over the past 30 years.Japan, the United States and South Korea, on average, had 20 percent corporate tax in the last 20 years.

The report suggested that the government should regulate or scrap various administrative fees for companies, expand the value-added tax reform and improve export tax rebates.