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[Corporation set up] What are the differences between corporate and individual businesses in Korea? - 2(preparation for setup) If you're considering launching a business in Korea, the initial step you'll want to take is obtaining a business license in Korea. We can categorize business licenses into two types: individual business licenses and corporate business licenses. There are significant differences to consider, particularly when setting up for the first time. Today, I'll provide an explanation of these aspects. Pro.. 더보기
[Corporation set up] What are the differences between corporate and individual businesses in Korea? - 1 (Tax schedule and tax rate) If you're considering launching a business in Korea, the initial step you'll want to take is obtaining a business license in Korea. We can categorize business licenses into two types: individual business licenses and corporate business licenses. There are significant differences to consider, particularly in the tax schedule and tax rates. Today, I'll provide an explanation of these aspects. Indi.. 더보기
[Payroll] Reducing Your Income Tax with Non-Taxable Salary When you receive a salary from a company, it typically comes with taxes and four social insurance contributions that reduce your net income as your salary increases. However, there are a few salary components classified as non-taxable under the Income Tax Law. These items are exempt from both taxes and social insurance deductions. Today, I will explain three such non-taxable items and the condit.. 더보기
[VAT]Corrected Tax Invoice issuance: A Step-by-Step Guide with Screenshots In our previous post, we discussed how to make corrections to a tax invoice that has already been issued forvarious reasons such as transaction cancellations, product or service returns, or errors in the invoice information. [VAT] Are you familiar with the concept of a 'Corrected Tax Invoice'? Have you come across the concept of a 'Corrected Tax Invoice'? A Corrected Tax Invoice is a type of inv.. 더보기
[VAT] Are you familiar with the concept of a 'Corrected Tax Invoice'? Have you come across the concept of a 'Corrected Tax Invoice'? A Corrected Tax Invoice is a type of invoice used to rectify errors or amend details on a previously issued tax invoice, primarily due to inaccuracies in the initial tax invoice or changes in the terms of a transaction with your clients. For instance, if you have issued a tax invoice to a client for a sale, but circumstances arise th.. 더보기
[VAT] Creating a Tax Invoice: A Step-by-Step Guide with Screenshots Having conducted numerous meetings with foreign individual business owners and corporate representatives in Korea, I've discovered that issuing tax invoices can be a source of frustration for them. The primary reason for this frustration is the lack of an English interface on Hometax, coupled with the complexity of the process. Therefore, in this guide, I will demonstrate how to issue a tax invo.. 더보기
[VAT] Penalty you should pay when you fail to issue Tax invoice In Korea By now, you may already be familiar with the concept of a tax invoice in Korea. This unique system is overseen by the Korea Tax Office. However, if you are not acquainted with this topic, I encourage you to refer to the post below for more information Have you heard of Tax invoice? I assure You would know ‘invoice’ but have you heard of Tax invoice? 1.Almost every transaction require Tax invoice.. 더보기
September Tax schedule in Korea Below is the main tax schedule for September in South Korea. 1.Withholding tax filing(9/11) 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 repo.. 더보기

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