2018 Korean Income Tax Rate

From 2018, the top marginal income tax rate has increased from 40% to 42%. In addition to the individual income tax, local income tax (resident surtax) is assessed at 10% on the income tax liability.

Tax Base (in KRW) Tax Rate for 2017 Tax Rate for 2018
Under 12,000,000 6% 6%
12,000,000 ~ 46,000,000 15% 15%
46,000,000 ~ 88,000,000 24% 24%
88,000,000 ~ 150,000,000 35% 35%
150,000,000 ~ 300,000,000 38% 38%
300,000,000 ~ 500,000,000 38% 40%
Over 500,000,000 40% 42%

Leave a Reply

Your email address will not be published. Required fields are marked *