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korea tax

[Tax benefit]Tax Benefits Available to SMEs (Small and Medium Enterprises) - Part 4 (Tax Benefit for Corporations Relocating Their Head offices Outside the Seoul Metropolitan Area ) SMEs 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 is about tax redemption clauses, which can cut your company's tax by 100% for 6 years.(50% for additional 3years) 1.Corporations wishing to obtain the tax redemption must meet the following conditions The corporation must have been operating a.. 더보기
Year-end taxsettelemt Guide for Foreign employees in Korea -3 What should be checked after year-end tax settlement? 1.Let's check each items in your year-end tax settlement receipts①Your annual incomeThe amount in the orange box represents your total salary for last year. It is the sum of your gross salary for each month. However, it also includes almost all the benefits provided by the company, so some employees might be a bit surprised because the amount is higher than expected.Anyway, This figure reflects .. 더보기
Year-end taxsettelemt Guide for Foreign employees in Korea -2 Way to download hometax PDF file If you are a foreigner working for a Korean company, it's likely the season for 'Year-end tax settlement.' During this time, the company may require you to obtain a 'PDF' file from Hometax.1)What's the PDF file for?The PDF (간소화자료) file contains almost everything you need to optimize your tax deductions or increase your tax refund amounts. By reviewing it, you can find details on various deductib.. 더보기
Your January Tax Calendar : Must-Know Deadlines 1.Withholding tax filing(1/10) 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 2,000,000 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 on.. 더보기
DecemeberTax schedule in Korea 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 .. 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
[VAT] Tax Rate for services acquiring foreign currencies -4(Countries grants the identical tax exemption to resident in the Korea) VAT] Tax Rate for services acquiring foreign currencies (How to Qualify for the 0% VAT Tax Rate -3) The standard VAT (Value Added Tax) rate in Korea is 10%, and it applies to almost all goods and services provided by your company to clients, except for certain non-VAT items. Consequently, when sending invoices to clients, your company adds a 10% VAT to t www.g-tax.kr In our last post, I explaine.. 더보기
[VAT] Tax Rate for services acquiring foreign currencies (How to Qualify for the 0% VAT Tax Rate -3) The standard VAT (Value Added Tax) rate in Korea is 10%, and it applies to almost all goods and services provided by your company to clients, except for certain non-VAT items. Consequently, when sending invoices to clients, your company adds a 10% VAT to the price of its goods and services. However, There are way to get 0% VAT tax rate for service under sepcifinc conditions. Here's what I'm goin.. 더보기

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