Below are main tax schedule for October in South Korea.
1.Withholding tax filing(10/10)
When you pay your employees a salary, it is your responsibility to deduct taxes from their salary before paying them.
*For example, if your employee has a contracted salary of 2,500,000 KRW, you must deduct 35,600 KRW for taxes, and pay your employee 2,464,400 KRW. The 35,600 KRW you deducted must be reported on a withhold tax return and paid to the tax office on behalf of your employees.
The deadline for filing the withholding tax return is the 10th day of the following month after the payment was made. So, if you paid salaries to your employees in Sep, you must file the withholding tax return by Oct 10th.
It's important to understand that the requirement to file a withholding tax return is not limited to salary payments. Any payment that requires taxes to be withheld must be reported on the withholding tax return.
*For instance, if you paid a loyalty payment to a foreign entity, you must also withhold taxes and report the payment on the withholding tax return.
*If you want to know more about withholding taxes of employee, Please refer below link.
Demystifying Payroll: The way of Calculating Employee Income Tax on Payslips
If you are an employee working for a company, you will receive payment in the form of a salary from the company. (It's same even if you are a representative of a corporate!) And You can observe a few items that have been deducted from your contracted salar
www.g-tax.kr
2.VAT payment for individual business owners (~10/25)
If you operate a small business as an individual, you will receive a VAT payment bill from the tax authority. Even if you don't file VAT returns, you are required to pay half of the VAT amounts you paid during your last VAT filing. This serves as an advance tax payment that will be deducted from your next VAT filing (1/25).
3.VAT filing for corporations (~10/25)
Corporations must submit their VAT returns every quarter. This is crucial as it reflects the company's sales and VAT-related costs. Corporations should also provide a breakdown of tax invoices. Therefore, ensure that all invoices have been issued or received before the VAT filing.
4.Submission of payment statement.(~10/30)
The payment statement is a necessary document that outlines information about the individuals or entities who have received payments from you. This includes details about their income and any taxes that have been withheld.
*For instance, when you pay your employees, you are required to withhold taxes and pay them to the tax office. Additionally, you must submit a payment statement to the tax office to report the withheld taxes.
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