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[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
Octobet Tax schedule in Korea Below are main tax schedule for October in South Korea. 1.Withholding tax filing(10/10) 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 2,500,000 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 reported.. 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 foreign employees in Korea - Part 2 (Special tax rate) [Tax benefit]Tax Benefits Available to foreign employees in Korea - Part 1 (Special tax rate) Korea's tax rates follow a progressive tax system, which means that the more income you earn, the higher the percentage of your income you pay in taxes. Below is the Korean tax rate table. As you can see, the tax rate can increase to approximately 50% when www.g-tax.kr Following the previous post, today.. 더보기
[Tax benefit]Tax Benefits Available to foreign employees in Korea - Part 1 (Special tax rate) Korea's tax rates follow a progressive tax system, which means that the more income you earn, the higher the percentage of your income you pay in taxes. Below is the Korean tax rate table. As you can see, the tax rate can increase to approximately 50% when your tax base reaches 1,000,000,000 KRW, which means you would pay half of your earnings in taxes. This can be a significant tax burden. Howe.. 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

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