Basic Reporting Requirements in Korea

Under the Korean Commercial Law and related tax laws, a company is required to keep its accounting records using “double-entry” bookkeeping system, and prepare financial statements and maintain them for at least five (5) years.

Also, once you start a business in Korea, you would be required for following reporting requirements :

  1. Value Added Tax Return filings (on every quarter)
  2. Payroll report (on a monthly or half-yearly basis)
  3. Corporate Income Tax Return (on a yearly basis)

Please feel free to contact us for any questions regarding those mandatory requirements in Korea!

itos@theclacc.com

 

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