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tax

[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
[Tax benefit]Tax Benefits Available to SMEs (Small and Medium Enterprises) - Part 2 (Special Tax Reductions or Exemptions) If your company is a Small or Medium-sized Enterprise (SME) in Korea, you may be eligible for special tax reductions under the "Act on Restriction on Special Cases Concerning Taxation." Here's how you can check your company's SME status and understand the special tax reductions 1.Criteria for Small or medium enterprises Determining whether a company qualifies as a Small or Medium Enterprise (SME.. 더보기
[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 credits you can get when you hire employees? These tax credits are known as 'tax credits for enterprises increasing jobs.' They are part of a government policy aimed at boosting job creation and reducing unemployment rates. The tax credit amounts can be substantial, but it's important to consider both the advantages and disadvantages of this tax credit. 1.Your tot.. 더보기
[Corporation set up] What are the differences between corporate and individual businesses in Korea? - 3 (Representative's salary) If you're considering launching a business in Korea, the initial step you'll want to take is obtaining a business license in Korea. We can categorize business licenses into two types: individual business licenses and corporate business licenses. There are significant differences to consider, particularly in the representative'ss salary. Today, I'll provide an explanation of these aspects. 1)As a.. 더보기
[Corporation set up] procedures you should complete after obtaining your business license in Korea Once you have successfully obtained your business license in Korea, there are additional steps you should follow to ensure your business is compliant and fully operational. Here's a step-by-step guide to these post-licensing procedures: 1.Obtain Digital certificates. In Korea, digital certificates are crucial for your business operations. Nearly every procedure you undertake for your business wi.. 더보기
[Corporation set up] What are the differences between corporate and individual businesses in Korea? - 2(preparation for setup) If you're considering launching a business in Korea, the initial step you'll want to take is obtaining a business license in Korea. We can categorize business licenses into two types: individual business licenses and corporate business licenses. There are significant differences to consider, particularly when setting up for the first time. Today, I'll provide an explanation of these aspects. Pro.. 더보기
[Corporation set up] What are the differences between corporate and individual businesses in Korea? - 1 (Tax schedule and tax rate) If you're considering launching a business in Korea, the initial step you'll want to take is obtaining a business license in Korea. We can categorize business licenses into two types: individual business licenses and corporate business licenses. There are significant differences to consider, particularly in the tax schedule and tax rates. Today, I'll provide an explanation of these aspects. Indi.. 더보기
[Payroll] Reducing Your Income Tax with Non-Taxable Salary When you receive a salary from a company, it typically comes with taxes and four social insurance contributions that reduce your net income as your salary increases. However, there are a few salary components classified as non-taxable under the Income Tax Law. These items are exempt from both taxes and social insurance deductions. Today, I will explain three such non-taxable items and the condit.. 더보기