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tax

2024 Tax calendar for business owners in Korea We are excited to announce that we've created a tax calendar for 2024! Given our specialization in assisting foreigners and foreign companies in Korea, we've noticed that many non-Korean individuals find the Korean tax law and deadlines confusing. So, we've made it to help foreigners and foreign company who are running business in Korea We believe this calendar will be incredibly helpful for tho.. 더보기
[Tax Updates 2024] Child care non-taxable salary limit increased! The goverment has announced a tax law revision set to be implemented from January 2024. Today, I bring good news for employees. If you have seen my previous post at Septemebr(refer to the post below), you'd be aware of the non-taxable items in an employee's salary. Typically, there are 3items that people can usually can apply for: 1)Meal allowance(200,000KRW) , 2)Subsidy for use of private vehic.. 더보기
A surefire way to steer clear of tax investigation I suppose the most frightening thing for any business owner is the fear of a tax investigation. A tax investigation is the tax office's examination of a taxpayer, usually a business owner or company, and their tax return. The tax office reviews the tax returns from the previous year to ensure they comply with the law and that the accounting is accurate. During an investigation, if discrepancies .. 더보기
Year-end taxsettelemt Guide for Foreign employees in Korea -1 In Febuary, It's the season for 'year-end tax settlement'. Every employees, or more precisely, every salary and wage incomers goes through the same process every year. even if you are foreigner, there's no exception. 1.What about the taxes I'm paying every month by dedcuting from my salary? When employee's receive their salary from the company, they don't receive the full contracted amounts beca.. 더보기
Starting a New Business in Korea : A Simple Guide to Registration When running a business in Korea, If you notice another business which with good profit margin or relevance to your current operations, You may consider starting that business. To do so, you should prepare for the business meeting, potentially rent a new office, and fire additional employees if needed. However, one of the most important steps to take in advance is obtaining the requited document.. 더보기
Understanding Capital Gains Tax on Company Stock Sales -1 (Individual) 1.Capital gain taxes - Individual share holders Capital gains taxes are what you pay when you transfer assets, like a house, building, land, real estate rights, or stocks, to someone else. To figure it out, you subtract the acquisition price from the transfer price. If there's no profit (when the asset's value dropped and the acquisition price is higher than the transfer price), you don't have t.. 더보기
November Tax schedule in Korea Below are main tax schedule for November in South Korea. 1.Withholding tax filing(11/10) 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 reporte.. 더보기
Understanding Acquisition Tax Rates in Korea When you or your company plan to buy land, a vehicle, or construct a factory in Korea, there are various factors to consider. You need to assess whether the prices are reasonable, the land location is suitable, and other relevant considerations. However, one crucial aspect that should not be overlooked is taxes. There are taxes associated with acquiring real estate or vehicles in Korea, known as.. 더보기

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