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Korea tax guide[Hometax]

November Tax schedule in Korea 1.Withholding tax filing(11/11)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 be.. 더보기
October Tax schedule in Korea 2024 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 b.. 더보기
[Corporation set up] How foreigners enter the domestic business in Korea? - 2 (Difference between 'Stock company' and 'Limited company) After you decided what kinds of business entity in Korea, If you decided to choose local corporation, the second decision you need to make is choosing the type of company.There are five types of companies in Korea: 1)Partnership Company, 2)Limited Partnership Company, 3)Limited Liability Company, 4)Stock Company, and 5)Limited Company. However, Stock Companies and Limited Companies are the most .. 더보기
September Tax schedule 1.Withholding tax filing(~9/10)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 be.. 더보기
What is this taxes?(Local tax pro rata business portion) I know that the names of taxes can be quite complicated.The tax called "Local Tax Pro Rata Business Place Portion" (as per Korean tax law terminology) is a local tax that companies pay every August.  1)Every business should pay this local taxIt's a relatively small amount (50,000 KRW to 200,000 KRW), and the taxes depend on the company's capital amount.When the capital amount is below 3,000,000,.. 더보기
August Tax schedule you should not miss! ln this month as the due dates are on weekend(8/10 - Saturday/ 8/31 - Saturday) the due dates for the each taxes are extended to next Monday(8/10 -> 8/12 , 8/31 -> 9/2) 1.Interim Corporate income tax filing  (~9/2)Corporations must prepare a financial statement for the first half of the year (January 1st to June 30th). Based on this financial statement, corporations should file a corporate incom.. 더보기
Simplify Your Business Expense Management (2) : Way to get Cash receipt If you are only using a company credit card for your business purchase, you can skip this post. However, if you are paying in cash sometimes, transferring money through the bank system, or using a platform (e.g., Naver Pay), you should definitely check this post to reduce your taxes. 1]Only four kinds of receipts are recognized as proper receipts by law. There are four types of legally recognize.. 더보기
Important July Tax schedule 1.VAT filing & payment  (~7/25) Nobody can deny that the most important tax schedule in July is VAT filing. The VAT return includes the company's revenues and costs and is reported to the tax office. This means that the company's revenues and costs are finalized. Once reported, it is difficult to correct these figures, so VAT filing is crucial. Unlike April's VAT filing, which only corporation f.. 더보기

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