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Simplify Your Business Expense Management (2) : Way to get Cash receipt If you are only using a company credit card for your business purchase, you can skip this post. However, if you are paying in cash sometimes, transferring money through the bank system, or using a platform (e.g., Naver Pay), you should definitely check this post to reduce your taxes. 1]Only four kinds of receipts are recognized as proper receipts by law. There are four types of legally recognize.. 더보기
What will be the minimum wage in Korea for 2025? (How much should a company pay when hiring an employee at minimum wage? The minimum wage for 2025 has been set at 10,030 KRW ($7.30) per hour, exceeding 10,000 KRW for the first time. This represents a 1.7% increase from the minimum wage of 9,860 KRW in 2024. If you are an owner of the business it's not the happies news cause as minimum wage increased, the burden of salary and social insurance for employer's would be increased. when company hire an employee, company.. 더보기
[VAT]How to Prepare for Value Added Tax (VAT) filing 1.Why VAT filing is important?The VAT return includes company's revenue amounts and cost amounts. you can check in the below example of VAT return, revenu amounts in red and cost amounts in green.(Company's all revenue amounts are shows in the VAT return but for costs amounrs it shows only related to VAT)Therefore, filing VAT means company confirm company's revnue and cost numbers in the VAT per.. 더보기
Important July Tax schedule 1.VAT filing & payment  (~7/25) 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 f.. 더보기
[Personal income tax] Understanding Incone Tax in Korea for Foreign national[Tax Firm Specializing in Foreign Companies] If you got a message or letter from NTS like below, you should difinitely check this post!  1.What is comprehensive (personal) income tax in Korea ?Personal income tax, known as 종합소득세 in Korean, is a tax that individuals must file and pay every May for the income they earned the previous year, from January 1st to December 31st. (In May 2024, incomes from January 1st, 2023 to December 31st, 2023 .. 더보기
[VAT] Understanding Value Added Tax in Korea for Foreign Businesses [Tax Firm Specializing in Foreign Companies]" Sarah, a foreign national, started a business in Korea. She established a business entity in Korea, secured customers, and sold her goods. One day, she received a letter from the NTS (National Tax Service in Korea) stating that she should file a Value Added Tax (VAT) return and pay the tax. However, she has no idea what VAT is and how to file a VAT return 1.What is Value added tax? Value Added T.. 더보기
Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! 1.Withholding tax filing(4/11) 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 2,000,000 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 do you know about yout Profit & Loss statement? (Tax and dues) Most small and medium-sized companies often opt to outsource their bookkeeping and payroll to tax firms. This is because bookkeeping, which involves creating financial statements, requires expertise in accounting and tax knowledge. It's more efficient for companies to outsource this task to a reliable tax accountant rather than hiring an employee for the job. Consequently, you'll receive financi.. 더보기

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