Tax Rates for Individuals vs Corporations in Korea

Tax Base (in KRW) Tax Rate for 2017 and before Tax Rate for 2018 and after
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%

 

Corporate Income Tax Rate

Tax Base (in KRW) Tax Rate for 2018 and after
Under 200,000,000 10%
200,000,000 ~ 20,000,000,000 20%
20,000,000,000 ~ 300,000,000,000 22%
Over 300,000,000,000 25%

2 thoughts on “Tax Rates for Individuals vs Corporations in Korea

  1. Mészáros Zsuzsanna says:

    Dear Sir and Madam,

    I am writing you on behalf of a Hungarian ltd company, HUNKOR WORK Kft.
    We have contaracted with a Korean individual taxpayer. His business name is different than his private name but he would like us to transfer the contracted amount to his private account.
    I wonder if it is legal in Korea not to have separate bank account for the business?

    The title his business certificate is the following:

    사 업 자 등 록 증 명
    Certificate of Business Registration
    ( 일반과세자 )
    ( Individual VAT Taxpayer )

    Thank you for your assistant in adavnce.

    Kind regards,

    Zsuzsanna MÉSZÁROS
    managing director

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