In Korea, withholding tax return is normally required to be filed every 10th of the following month. Also, a yearly report on the payments’ report which were subject to the withholding taxes are required to be filed once a year.
Failure to file and report the withholding taxes will result in following penalties.
Penalty for failure to timely file withholding tax return
|Max [(A+B), 10% of withholding tax payables]|
A. 3% of withholding tax payables
B. 0.03% of interest penalties per day
Penalty for non-submission of yearly payment report
|Non-reported gross payment amount x 1%|
written by USCPA in Seoul Song I Yoon (firstname.lastname@example.org)