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incometax

[VAT] Creating a Tax Invoice: A Step-by-Step Guide with Screenshots Having conducted numerous meetings with foreign individual business owners and corporate representatives in Korea, I've discovered that issuing tax invoices can be a source of frustration for them. The primary reason for this frustration is the lack of an English interface on Hometax, coupled with the complexity of the process. Therefore, in this guide, I will demonstrate how to issue a tax invo.. 더보기
Income Tax Filing Checklist to Help You Cut Your Taxes! As a Certified tax accountant who has filed hundreds of income tax returns over the last six years, I've noticed that taxpayers often overlook certain tax-deductible items. To help you save money on your taxes, here's a list of items you should consider: 1.Health insurance There are two types of health insurance: 1)company health insurance that you pay for while working for a company(this compan.. 더보기
Who is Required to File an Income Tax Return in Korea? As we approach the month of May, it is important to note that it is the season for individuals to file their personal taxes. According to Korean tax law, any resident (regardless of nationality) who earned an income during the previous year (between January 1st and December 31st) is required to file their income tax return and pay any applicable taxes by the end of May, provided they have not me.. 더보기
Is it safe to pay your phone bill using your corporate bank account? Way to Avoid potential risks. 1.Welfare expense Vs Employee's Salary "Welfare expense" refers to money that a company spends on employee benefits such as meals, snacks, or company dinners. "Salary" encompasses an employee's basic pay and any financial benefits they receive. To determine whether an employee's phone bill payment should be included as part of their salary or welfare expense, it's important to clarify whether it.. 더보기
Important Tax Deadlines You Need to Know for March 1.Corporate inocme tax filing (~3.31) If you run a company in Korea, you need to pay taxes on the money you make. You have to file a special tax form called a "corporate income tax return" and send it to the tax office. The deadline for this is three months after the end of each year, which is usually December 31st. But some companies choose a different year that ends in March, and they have to .. 더보기
Year-end tax settlement guide -1 [PDF downloads] To start your year-end tax settlement in Korea, the very first thing you should do is to download ‘the PDF file’ from home tax. ​ The PDF file shows information of all receipts,medical bills and other bills you paid in a year. ​ *If you don’t get this PDF file, you should collect all the receipts, medical bills and other bills by yourself ​ ​ Almost all items are provided through this PDF file, .. 더보기
How English teachers pay taxes in Korea? -2 In succession to previous posting, I will talk about taxes of english teacher in Korea. (Especially teachers working for Hagwon) If you want to see my last posting, please check below link. How English teachers pay taxes in Korea? -1 In Korea which have super high educational passion (especially for English!), tons of foreign english teachers are working in Korea. They work at Public school, Uni.. 더보기
How English teachers pay taxes in Korea? -1 In Korea which have super high educational passion (especially for English!), tons of foreign english teachers are working in Korea. They work at Public school, University or Private academy(in Korean, Hagwon). As they work and get paid in Korea, they should pay taxes in Korea. However, Compared to the number of foreign english teachers in Korea, professional tax service for the teachers isn't e.. 더보기