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Korea’s Annual Leave Rules: What Every Employer Must Know Annual leave is a legally guaranteed off day for employees. Similar to other countries, Korea also has an annual leave system. Some parts may be similar to what you have in your home country, while others may be different.Let’s take a look at the basic concept of annual leave in Korea. ①15days of annual leaveEmployees who have worked at least 80% of the working days in a year are entitled to 15 .. 더보기
Severance payment in Korea Severance payment, also called retirement benefit or separation pay, refers to the money a company pays an employee as compensation for their period of service when the employee leaves the company. This system is common not only in Korea but also in other countries, although the details may differ.In Korea, the basic rule for severance payment is that an employee must have worked for at least on.. 더보기
Sep 2025 Tax schedule in Korea 2.Withholding tax filing(9/10) 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
What's new on 2026 tax law in Korea? The Korean government has announced tax law updates for next year. As this announcement serves as a guideline, it does not constitute confirmed tax law. Some provisions will be confirmed next year through updated legal clauses, while others may be deleted or changed.The government announcement includes many items, but here we introduce three important updates that you should be aware of. ①CIT ra.. 더보기
Aug 2025 Tax schedule in Korea 1.Interim Corporate income tax filing (8/31)The corporate income tax filing period is every March. Corporations calculate their taxes based on their taxable year’s balance sheet and profit and loss statement (typically from January 1 to December 31).However, before the final filing in March, corporations follow a similar process in August, which is called interim corporate income tax filing.As t.. 더보기
July 2025 Tax schedule in Korea Nobody can deny that the most important tax schedule in July is VAT filing. The VAT return includes the company's revenues and costs and is reported to the tax office. This means that the company's revenues and costs are finalized. Once reported, it is difficult to correct these figures, so VAT filing is crucial.Unlike April's VAT filing, which only corporation file their 1Q VAT and individual b.. 더보기
May 2025 Tax schedule in Korea In Korea, May is often called the "month of family" because it includes several holidays like Children’s Day, Parents’ Day, Buddha’s Birthday, and Labor Day. People usually have more time to spend with their families compared to other months.However, for individual business owners or those who have income other than wages or salary, May is also the month for filing and paying income tax. 1.Indiv.. 더보기
April 2025 Tax schedule in Korea 1.VAT payment for individual business owners (25th Apr)If you own business as an individual, you will receive a VAT payment bill from the tax authority. Even if you don't file VAT returns, you are required to pay half of the VAT amounts you paid during your last VAT filing. This is an advance tax payment that will be deducted from your next VAT filing (4/25) 2.VAT filing for corporations (25th A.. 더보기

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