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[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
[VAT] Penalty you should pay when you fail to issue Tax invoice In Korea By now, you may already be familiar with the concept of a tax invoice in Korea. This unique system is overseen by the Korea Tax Office. However, if you are not acquainted with this topic, I encourage you to refer to the post below for more information Have you heard of Tax invoice? I assure You would know ‘invoice’ but have you heard of Tax invoice? 1.Almost every transaction require Tax invoice.. 더보기
September Tax schedule in Korea Below is the main tax schedule for September in South Korea. 1.Withholding tax filing(9/11) 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 2,500,000 KRW, you must deduct 35,600 KRW for taxes, and pay your employee 2,464,400 KRW. The 35,600 KRW you deducted must be repo.. 더보기
How to register business bank account to Hometax Please follow the steps outlined below to register your business bank account with the Korea Tax Office. *Note that corporate bank accounts are automatically registered. If your company is categorized as corporate and not an individual business, you can proceed to skip this process. 1.Search ‘Hometax’ 2.Click 국세증명.사업자등록.세금관련 신청/신고 -> 사업용 공익법인 계좌 개설/조회 3.Log in to Hometax 4.Enter your business re.. 더보기
[Payroll] Demystifying Payroll: The way of Calculating Employee Income Tax on Payslips If you are an employee working for a company, you will receive payment in the form of a salary from the company. (It's same even if you are a representative of a corporate!) And You can observe a few items that have been deducted from your contracted salary (gross salary), highlighted in red in the sections below. These factors can be quite frustrating as they result in a decrease in your gross .. 더보기
Crucial Tax Deadlines in July: Stay Updated and Fulfill Your Obligations 1.Withholding tax filing(7/10) 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
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

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