We receive so many questions on this. The relevant Korean Income Tax Law specifically describes the types of business and other income. Types of Business Income (Article 19, Income Tax Act) Income from agriculture, forestry and fishing businesses Income from mining and manufacturing businesses Income from electricity, gas, steam and water supply businesses Income from […]
Category Archives: Tax in Korea
Under the Article 59-5 of Korean Income Tax Act, one of the following salary income is subject to tax exemption. Application of the tax exemption needs careful calculation, thus you may need to seek for tax advice on this. Wage & salary that a foreigner dispatched to Korea under an inter-governmental agreement Income earned from […]
Taxation on Foreign Source Income Should you report income generated overseas? Under South Korea’s Income Tax Act, individuals are categorized as either a resident or non-resident for tax purposes, depending on which the scope of taxable income and method of taxation differs. Residents are subject to income taxation for all income that have accrued in […]
Korean global income tax return filing is due May 31, 2018. If you have income earned during 2017 in Korea and depending on your Korean tax residency test, you may need to file income tax return in Korea. Key factors for Korean income tax filings are listed below. 1. You need to see if you […]