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% |
