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[Personal income tax] Understanding Incone Tax in Korea for Foreign national[Tax Firm Specializing in Foreign Companies] If you got a message or letter from NTS like below, you should difinitely check this post!  1.What is comprehensive (personal) income tax in Korea ?Personal income tax, known as 종합소득세 in Korean, is a tax that individuals must file and pay every May for the income they earned the previous year, from January 1st to December 31st. (In May 2024, incomes from January 1st, 2023 to December 31st, 2023 .. 더보기
February Tax Deadlines in Korea 1.Withholding tax filing(~2/13) 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 2,000,000 KRW, you must deduct 100,000 KRW for taxes, and pay your employee 1,900,000 KRW. The 100,000 KRW you deducted must be reported on a withhold tax return and paid to the tax office o.. 더보기
[VAT] VAT filing period is coming! In December there are no major tax filing in this month. So you might think that tax firms are not much to do in this month, However Decemeber is really important and busy month because VAT filing is coming in next year January. So, it's important to preapre it. we can calculate the VAT payable amounts in advance so that you can prepare for the tax payment! Below is the postings I wrote about VA.. 더보기
[Tax Updates 2024] Child care non-taxable salary limit increased! The goverment has announced a tax law revision set to be implemented from January 2024. Today, I bring good news for employees. If you have seen my previous post at Septemebr(refer to the post below), you'd be aware of the non-taxable items in an employee's salary. Typically, there are 3items that people can usually can apply for: 1)Meal allowance(200,000KRW) , 2)Subsidy for use of private vehic.. 더보기
Is it acceptableto borrow money from company with no interest? Unlike individual businesses, corporate businesses are distinct from their owners (shareholders or representatives). This means that if you need funds from a corporate account, you can't simply withdraw them; instead, you must obtain them through methods such as salary, dividends, or loans. This applies not only to large companies with numerous shareholders but also to small corporations where y.. 더보기
A surefire way to steer clear of tax investigation I suppose the most frightening thing for any business owner is the fear of a tax investigation. A tax investigation is the tax office's examination of a taxpayer, usually a business owner or company, and their tax return. The tax office reviews the tax returns from the previous year to ensure they comply with the law and that the accounting is accurate. During an investigation, if discrepancies .. 더보기
Year-end taxsettelemt Guide for Foreign employees in Korea -1 In Febuary, It's the season for 'year-end tax settlement'. Every employees, or more precisely, every salary and wage incomers goes through the same process every year. even if you are foreigner, there's no exception. 1.What about the taxes I'm paying every month by dedcuting from my salary? When employee's receive their salary from the company, they don't receive the full contracted amounts beca.. 더보기
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

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