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CPA

How to Gift Money to Your Children with Minimal Tax Impact! In Korea, the gift tax rates are extremely high.it's taxes have the tax rate range of 10% to 50%. It starts at 10%, which is relatively low. However, when the tax base (the given amounts) exceeds 3,000,000,000 KRW, a 50% tax rate is applied to the amounts over this threshold. Yes, half of the amounts are taxed. If you give 10,000,000,000 KRW to your children in Korea, 500,000,000 KRW should be p.. 더보기
Starting a New Business in Korea : A Simple Guide to Registration When running a business in Korea, If you notice another business which with good profit margin or relevance to your current operations, You may consider starting that business. To do so, you should prepare for the business meeting, potentially rent a new office, and fire additional employees if needed. However, one of the most important steps to take in advance is obtaining the requited document.. 더보기
Understanding Capital Gains Tax on Company Stock Sales -1 (Individual) 1.Capital gain taxes - Individual share holders Capital gains taxes are what you pay when you transfer assets, like a house, building, land, real estate rights, or stocks, to someone else. To figure it out, you subtract the acquisition price from the transfer price. If there's no profit (when the asset's value dropped and the acquisition price is higher than the transfer price), you don't have t.. 더보기
November Tax schedule in Korea Below are main tax schedule for November in South Korea. 1.Withholding tax filing(11/10) 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 reporte.. 더보기
Octobet Tax schedule in Korea 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.. 더보기
Are You Aware of the Tax Treaty Between Korea and Your Home Country A tax treaty is an agreement between two countries aimed at preventing double taxation, which occurs when an individual or business is obligated to pay taxes on the same income or property in both countries. These treaties are typically negotiated and established by governments to promote international trade and investment, prevent fiscal evasion, and provide clarity and consistency in tax matte.. 더보기
[Tax benefit]Tax Benefits Available to SMEs (Small and Medium Enterprises) - Part 3 (Tax Credits for Investments) SME in Korea, may be eligible for special tax credits and tax reductions under the 'Act on Restriction on Special Cases Concerning Taxation.' Today's post continues our discussion of tax benefits, building on our previous posts on this topic. [Tax benefit]Tax Benefits Available to SMEs (Small and Medium Enterprises) - Part 1 (Tax Credits for Enterprise Job Growth) Did you know that there are tax.. 더보기
[CIT] Understanding External Audits: Which Companies Are Subject to? In Korea, companies that meet the legal standards are required to hire an external auditor, typically an accounting firm, to conduct audits of their financial statements. The external audit process is crucial as it can significantly impact your company's trustworthiness and reliability, albeit it also incurs both time and expenses. However, as I mentioned, not all companies are subject to extern.. 더보기

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