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tax

February Tax schedule in Korea 1.Preparation for Year-end tax settlement Nevertheless, the legal due date for the year-end tax settlement for employees is March 10th, but every company should complete the process in February (and many companies do it in January as well).Year-end tax settlement applies only to individuals working as employees of a company.If you are an individual business owner, you do not need to do a year-en.. 더보기
November Tax schedule in Korea 1.Withholding tax filing(11/11)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 reported on a withhold tax return and paid to the tax office on be.. 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
[Tax benefit]Tax Benefits Available to SMEs (Small and Medium Enterprises) - Part 4 (Tax Benefit for Corporations Relocating Their Head offices Outside the Seoul Metropolitan Area ) SMEs 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 is about tax redemption clauses, which can cut your company's tax by 100% for 6 years.(50% for additional 3years) 1.Corporations wishing to obtain the tax redemption must meet the following conditions The corporation must have been operating a.. 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
Year-end taxsettelemt Guide for Foreign employees in Korea -2 Way to download hometax PDF file If you are a foreigner working for a Korean company, it's likely the season for 'Year-end tax settlement.' During this time, the company may require you to obtain a 'PDF' file from Hometax.1)What's the PDF file for?The PDF (간소화자료) file contains almost everything you need to optimize your tax deductions or increase your tax refund amounts. By reviewing it, you can find details on various deductib.. 더보기
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

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