South Korea has four major social security schemes: 1) national pension; 2) national health insurance & long-term care insurance; 3) employment insurance; and 4) workers’ compensation insurance. The insurance rates are increased or adjusted annually, with those shown below the latest updates from 2022. Item Employee Employer TOTAL RATE Expected Monthly Contribution (TTL) Note Case […]
Sometimes we are asked for financial review services Korea. Unlike audits, financial reviews require much simpler procedures and can take less time than audits. A review includes primarily applying analytical procedures to management’s financial data. You may expect that a CPA review will address if the financial data are free from any material misstatements. Key […]
Korean tax authorities have been raising income tax rates for individual taxpayers in recent years. It is a common practice for high income earners setting up an entity in Korea to reduce taxes. There will be many things to consider before setting up an entity in Korea, but only comparing tax rates, it will be […]
In Korea, companies (whether a stock company and/or a LLC) with certain size or transaction volumes are subject to external audit. External audit can only be performed by public accounting firms in Korea. The scale of business for external audit is fully described in the law of ENFORCEMENT DECREE OF THE ACT ON EXTERNAL AUDIT […]
There’re 4 major social securities in Korea: 1) national pension, 2) national health insurance and long-term care insurance, 3) employment insurance and 4) workers’ compensation insurance. Each year, some of the insurance rates are increased or adjusted. Especially, rates for national health insurance and long-term care insurance are increased every year. During covid-19 season in […]
We see many companies face employment issues especially in relation to international assignment programs. With many years of experience in GMS field, we proudly offer tax strategies and advisory services that can help international assignment program in a cost efficient manner. How we can assist you I. Foreign employees assigned to Korea by foreign companies […]
Last month we took a look at the many different types of audits that Korean tax officials have at their disposal. Just learning to understand the different types of tax audits will help you learn to avoid them, but here we’re going to make sure that you understand exactly how a business or individual […]
Two words that send a jolt of fear into every law-abiding citizen: “Tax Audit.” Over the next month we are going to share a few articles that help you understand what the South Korean tax audits are, how the government determines when they will be implemented, and how to avoid them in the future. […]
Death and taxes. The two things in life you can never avoid. No one enjoys paying their taxes, but Korea’s incredible infrastructure doesn’t build itself, right? The important thing, however, is that you don’t pay more taxes than necessary. Let’s be clear here: this is not tax evasion. That’s when you avoid taxes that you […]
It’s the most wonderful time of the year! It is in the spirit of Christmas that we say thank you and best wishes for the holidays. Wishing you joy at Christmas and prosperity in the coming year!! Our working hours during the holiday season: Christmas (December 25th): Closed New Year’s Day (January 1st): […]
Each year, the Korean Social Insurance Companies announce their insurance rates for the upcoming year. It’s been announced that Korea’s social insurance rates for 2020 will be as below. At this moment only the Workers’ Compensation Insurance rate for 2020 has not been confirmed by the government. Item 2019 2020 Note Employee Employer TOTAL RATE […]
A Guide to South Korea’s 4 Social Insurance Programs South Korea’s Social Welfare Policy & the “Safety Net” Every developed country has systems set up to make sure that people are taken care of in the event of certain challenges and time periods. European countries are famous for their strong social safety net, but Korea […]
_MINF6920080211223621_7020121217170651_Certificate of Residence If you’re a tax resident in Korea, it may effect on your home country’s tax return. Thus, determination of your tax residency status is critical for your tax filings in Korea. General rules for tax residency test for INDIVIDUALS Resident : taxed on world-wide income In principle, a resident refers to […]
Outsource to an Accounting Firm Instead of Hiring a Bookkeeper In-house bookkeeping is great for large companies. They need expert staff on full time constantly handling payment requests, payment processing, tax filings, payroll calculation, etc. There are a million things for them to do. However, if you’re a smaller operation monthly sales of between […]
Korea can a challenge if you’re an English speaker looking for a good bookkeeper, but Korean Tax Experts handle all kinds of accounting issues. Here is a summary of the bookkeeping services any reliable accountant will provide for you. Get in touch with us if you’d like to have these services delivered by a proactive […]