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Severance payment in Korea Severance payment, also called retirement benefit or separation pay, refers to the money a company pays an employee as compensation for their period of service when the employee leaves the company. This system is common not only in Korea but also in other countries, although the details may differ.In Korea, the basic rule for severance payment is that an employee must have worked for at least on.. 더보기
Sep 2025 Tax schedule in Korea 2.Withholding tax filing(9/10) 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
What's new on 2026 tax law in Korea? The Korean government has announced tax law updates for next year. As this announcement serves as a guideline, it does not constitute confirmed tax law. Some provisions will be confirmed next year through updated legal clauses, while others may be deleted or changed.The government announcement includes many items, but here we introduce three important updates that you should be aware of. ①CIT ra.. 더보기
It's time to get ready for the 2nd VAT return filing. January is the month for Value added tax filing for business owner. Let's check the baisc due dates of this tax and extended due dates for this filing. 1. VAT Filing Differences for Individual vs. Corporate Businesses The VAT filing periods differ for individual and corporate businesses in Korea. Corporate businesses are generally required to file VAT returns quarterly, while individual business.. 더보기
How Companies Share Their Earnings with Shareholders in Korea: The Dividend Process When company made money through business, it's nautal for company to think dividend which is share the money company made to each shareholders. Today, let's delve into how company can do dividend in Korea 1. When Can a Corporation Pay Dividends?1)Regular dividendA regular dividend typically occurs within three months after the end of the business period. For example, if the business period runs .. 더보기
What’s the Difference? Tax Invoice vs. Regular Invoice An invoice is a crucial document for businesses. It is a formal record issued by a seller to a buyer, detailing the goods or services provided and the corresponding payment amount. Companies send invoices to inform clients about the services rendered and their associated fees.An invoice typically includes: Buyer's and seller's information, Dates ,Description of goods or services provided,Amounts.. 더보기
Donations can cut your company tax. A donation, in tax terms, refers to giving money or goods to entities that are unrelated to a company's business. Companies often make donations as a way to share their profits with society, helping to create a more livable community.Naturally, there are tax benefits for these donations, as governments encourage companies to contribute to the public good.However, to prevent misuse of the tax ben.. 더보기
Year-end taxsettelemt Guide for Foreign employees in Korea -3 What should be checked after year-end tax settlement? 1.Let's check each items in your year-end tax settlement receipts①Your annual incomeThe amount in the orange box represents your total salary for last year. It is the sum of your gross salary for each month. However, it also includes almost all the benefits provided by the company, so some employees might be a bit surprised because the amount is higher than expected.Anyway, This figure reflects .. 더보기

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