1.Withholding tax filing(12/10)
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 Nov, you must file the withholding tax return by Dec 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 about non-taxable items for your salary, Please refer below link.
[Payroll] Reducing Your Income Tax with Non-Taxable Salary
When you receive a salary from a company, it typically comes with taxes and four social insurance contributions that reduce your net income as your salary increases. However, there are a few salary components classified as non-taxable under the Income Tax
www.g-tax.kr
2.Comprehensive real estate holding tax Filing and Payment(~12/15)
Individuals or coporations that own property such as houses and land in South Korea have an obligation to file and pay property tax. However, this obligation is applied only if the each individual or corporation's the total fair market value of the property exceeds certain thresgolds.If the property values falls below these specified amounts, the property owners are not required to file or pay the comprehensive real estate holding tax.
| 1.House : 900,000,000 KRW |
| 2.Land(subject to comprehensive taxation) 500,000,000 KRW |
| 3.Land(subject to separate combined taxation) 8,000,000,000KRW |
*The fair makret value refer the government announce price
3.Submission of payment statement.(~12/31)
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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