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How to register business bank account to Hometax Please follow the steps outlined below to register your business bank account with the Korea Tax Office. *Note that corporate bank accounts are automatically registered. If your company is categorized as corporate and not an individual business, you can proceed to skip this process. 1.Search ‘Hometax’ 2.Click 국세증명.사업자등록.세금관련 신청/신고 -> 사업용 공익법인 계좌 개설/조회 3.Log in to Hometax 4.Enter your business re.. 더보기
[Payroll] Demystifying Payroll: The way of Calculating Employee Income Tax on Payslips If you are an employee working for a company, you will receive payment in the form of a salary from the company. (It's same even if you are a representative of a corporate!) And You can observe a few items that have been deducted from your contracted salary (gross salary), highlighted in red in the sections below. These factors can be quite frustrating as they result in a decrease in your gross .. 더보기
Crucial Tax Deadlines in July: Stay Updated and Fulfill Your Obligations 1.Withholding tax filing(7/10) 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
Who is Required to File an Income Tax Return in Korea? As we approach the month of May, it is important to note that it is the season for individuals to file their personal taxes. According to Korean tax law, any resident (regardless of nationality) who earned an income during the previous year (between January 1st and December 31st) is required to file their income tax return and pay any applicable taxes by the end of May, provided they have not me.. 더보기
Essential steps to follow when you change your office address in Korea As a business owner, there may come a time when you need to change your office location. Perhaps your business has outgrown your current space and you need a larger one, or maybe your landlord is increasing the rent. Regardless of the reason, once you find a new office space and sign a lease, it's important to update your business registration as well. This is because the address on file with th.. 더보기
[VAT]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 In Korea In Korea there is a unique system called the tax invoice. and it is required for every transaction that occurs between business owners. This means that both the seller and the buyer should issue and receive a tax invoice for every transaction. The value-added tax (VAT) in .. 더보기
Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! 1.Withholding tax filing(4/10) 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
Don't miss out : Crucial things many business owners overlook in their Corporate Income Tax filing March has been quite the hectic season for us corporate and tax accountants. Amidst the busy days, I've noticed that many companies are missing out on some fantastic benefits or risking hefty penalties. So, I wanted to share this post with you all and urge you to take a look at your CIT return if you're a business owner. 1.Hiring Employees? Get Tax Credits! Did you hire more employees this year .. 더보기

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