Filing due: May 31 for the previous year’s tax report
Who should file: Tax resident or Non-resident, whoever there was income generated in Korea
Exempted from filing:
Any resident falling under any of the following may choose not to file a finalized return of the tax base of the relevant income (Article 73 (1) of the Income Tax Act):
1) A resident with only wage & salary income
2) A resident with only retirement income
3) A resident with only public pension income
4) A resident with only business income subject to year-end settlement
☞ Insurance solicitors, door-to-door salespersons and door-to-door salespersons under sponsorship with only business income generated from insurance solicitation, door-to-door sales, or door-to-door sales under sponsorship, respectively, whose income in the immediately preceding year is less than 75 million won (limited to cases where income tax is paid through year-end settlement)
5) A resident with only wage & salary income and retirement income
6) A resident with only retirement income and public pension income
7) A resident with only retirement income and the income mentioned in 4)
8) A resident with only interest income, dividend income, pension income or other income which are subject to separate taxation
9) A resident who falls under 1) to 7) and has interest income, dividend income, pension income or other income which are subject to separate taxation
