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No Sales Yet? Your New Business Could Still Get a VAT Refund in Korea 1.Why So Many New Business Owners Register EarlyMost people assume business registration should wait until the doors are actually open and money starts coming in. In practice, plenty of founders in Korea do the opposite — they register their business license before generating a single $ of revenue. Why? Because setting up shop takes time: signing a lease, buying equipment, renovating a space, or.. 더보기
July 2026 Tax Schedule in Korea July is the month every business in Korea circles on the calendar — and VAT is the reason why. The VAT return is where a company's sales and purchases for the period get locked in and handed to the tax office. Once those numbers are filed, walking them back is painful. So of everything on this month's list, getting VAT right matters most.Here's the catch that trips people up every July: this is .. 더보기
Who Needs to File an Income Tax Return in May? As we approach the month of May, it is important to note that this is the season for individuals to file their personal income taxes.Under Korean tax law, any resident (regardless of nationality, meaning that even foreigners can be considered residents in Korea) who earned income during the previous year (from January 1 to December 31) is required to file an income tax return and pay any applica.. 더보기
Have You Heard of 'CbCR'? The Global Compliance Rule Every Foreign invested Company Needs to Know 1. What is CbCR?Country-by-Country Reporting (CbCR) is a global tax reporting framework established by the OECD as part of the BEPS (Base Erosion and Profit Shifting) initiative.Its primary purpose is to enhance transparency by requiring large multinational enterprises (MNEs) to disclose a comprehensive breakdown of their global operations. This includes key financial data—such as revenue, profi.. 더보기
Let's calculate how much you can get tax refund?(Your Year-end tax settlement) In every Feburary, if you are working for a company, the most interesting topic for you will be 'year-end tax settlement' (YEONMAL JUNGSAN in Korean) and you will wonder how much taxes you can get refunded? (or how much you have to pay more taxes?)Throughout my experiend in this field for almost 10years, I've found out that there some misunderstanding regarding year-end tax settlement process. S.. 더보기
Your 2026 February Tax schedule If your company has a liaison office in Korea, you should definitely review this. Until last year, the “Report on the Present Status of Place of Business” was only a compliance obligation with no penalties. However, starting in 2026, the law has been revised and penalty taxes now apply for non-compliance. The main purpose of this report is for the tax office to verify whether the liaison office .. 더보기
Your Year-end tax settlement guide 2026 [PDF download] 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, but ther.. 더보기
Your 2026 January Tax schedule Nobody can deny that the most important tax schedule in January 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 last October's VAT filing, which only corporation file their 3Q VAT and in.. 더보기