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tax

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
[VAT]How to Prepare for Value Added Tax (VAT) filing 1.Why VAT filing is important?The VAT return includes company's revenue amounts and cost amounts. you can check in the below example of VAT return, revenu amounts in red and cost amounts in green.(Company's all revenue amounts are shows in the VAT return but for costs amounrs it shows only related to VAT)Therefore, filing VAT means company confirm company's revnue and cost numbers in the VAT per.. 더보기
[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.Check the amounts of '차감징수세액(numbers 77) After the year-end tax settlement, you will receive a document called the Salary & Wage Income Withholding Receipt (연말정산 근로소득원천징수영수증). In this document, if you see the red box, (73) 결정세액 represents the finalized tax amount. Additionally, (75) 기납부세액 주(현) 근무지 indicates the taxes deducted from your monthly salary each month. (77) 차감징수세액 represents the taxe.. 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 deduct.. 더보기
2024 Tax calendar for business owners in Korea We are excited to announce that we've created a tax calendar for 2024! Given our specialization in assisting foreigners and foreign companies in Korea, we've noticed that many non-Korean individuals find the Korean tax law and deadlines confusing. So, we've made it to help foreigners and foreign company who are running business in Korea We believe this calendar will be incredibly helpful for tho.. 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
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

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