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taxreturn

[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] 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
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
Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! 1.Withholding tax filing(4/10) 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
Don't miss out : Crucial things many business owners overlook in their Corporate Income Tax filing March has been quite the hectic season for us corporate and tax accountants. Amidst the busy days, I've noticed that many companies are missing out on some fantastic benefits or risking hefty penalties. So, I wanted to share this post with you all and urge you to take a look at your CIT return if you're a business owner. 1.Hiring Employees? Get Tax Credits! Did you hire more employees this year .. 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
[VAT]Why Your Meal Expenses Are Not VAT Deductible for Your Business? 1.Entertatinment expense As you run your business, you may occasionally treat your clients to luch , dinner, or some gift. and we can account for these costs are "entertainment expense" on your income statement. The rule for VAT deduction is, if you spend money for your business and obtain a tax invoice, cash receipt, or use a credit card(qualified receipt), your can deduct amount of VAT of your.. 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

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