Korean global income tax return filing is due May 31, 2018. If you have income earned during 2017 in Korea and depending on your Korean tax residency test, you may need to file income tax return in Korea.
Key factors for Korean income tax filings are listed below.
1. You need to see if you are tax resident in Korea.
- Resident: An individual with global income incurred from Korea and abroad who has a domicile in Korea or has had a place of residence in Korea for 183 days or longer in Korea
- Non-resident: An individual who is not a resident and has global income among Korean-source income
2. You may need to file the below types of income in Korea.
Interest income, dividend income, business income, wages & salaries income, pension income, and other income
3. Korean income tax rate ranges from 6% to 40%. Also, failure to submit the year before’s tax return may result in penalties.
4. Filing is due May 31, 2018. However, individuals who leave Korea permanently may need to submit by one (1) day before the permanent departure date.
Any questions? Please feel free to contact us!!
itos@theclacc.com
