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Corporate income tax filing

[VAT] Tax Rate for services supplied overseas (How to Qualify for the 0% VAT Tax Rate -2 ) The standard VAT (Value Added Tax) rate in Korea is 10%, and it applies to almost all goods and services provided by your company to clients within the country, except for certain non-VAT items. Consequently, when sending invoices to clients, your company adds a 10% VAT to the price of its goods and services. However, what about providing service outside of Korea? Here's what I'm going to tell y.. 더보기
Are You Aware of the Tax Treaty Between Korea and Your Home Country A tax treaty is an agreement between two countries aimed at preventing double taxation, which occurs when an individual or business is obligated to pay taxes on the same income or property in both countries. These treaties are typically negotiated and established by governments to promote international trade and investment, prevent fiscal evasion, and provide clarity and consistency in tax matte.. 더보기
[Tax benefit]Tax Benefits Available to SMEs (Small and Medium Enterprises) - Part 3 (Tax Credits for Investments) SME 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 continues our discussion of tax benefits, building on our previous posts on this topic. [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.. 더보기
[VAT] Tax Rate for Exports in Korea (How to Qualify for the 0% VAT Tax Rate -1 ) The standard VAT (Value Added Tax) rate in Korea is 10%, and it applies to almost all goods and services provided by your company to clients within the country, except for certain non-VAT items. Consequently, when sending invoices to clients, your company adds a 10% VAT to the price of its goods and services. However, what about exports to foreign countries? Are they also subject to the same 10%.. 더보기
[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] How foreigners enter the domestic business in Korea? - 1 (Four options for establishment) When foreigners enter the Korean domestic business landscape, they have four options: establishing a local Korean corporation, creating a local Korean individual business, forming a branch of a foreign corporation, or establishing a liaison office for a foreign corporation. "The first two options (local corporation and individual business) fall under the purview of the Foreign Investment Promoti.. 더보기