KOREA TAX INFORMATION
Date Modified: 10.27.2005
Content: South Korea Taxes - Information on taxes in Korea
PLEASE READ:
These are TAX BASICS. This information is here to give you
a general idea of the tax situation in Korea. This is not
a definitive guide and is generalized for the majority of
teachers/expats dealing with the tax system in Korea. If you
need more information please visit the Korea National
Tax Service. Once you are in Korea please contact your local tax
office for the latest and most reliable tax information. If
you are having problems with your employer, the tax bureau
or the government it might be wise to contact local, professional
help as soon as possible.
|
Korea Tax Facts - The Basics |
Korean Tax Year
|
June 1 – May 31 |
Korean Tax Rates |
5% - 10% |
| Korean taxpayer classifications |
(a)Resident: A person who has had a domicile
in Korea for one year or more. Someone who has a job that requires
them to live in Korea for a year or more is considered to have
a domicile.
-A resident is subject to being taxed from sources within and
outside of Korea.
(b)Non-Resident:
A person who is not a Resident of Korea.
-A Non-Resident is only subject to income tax on income made
within Korea.
Most foreign teachers fall into this category |
Filing Tax Returns |
It’s employer’s responsibility to complete year-end
tax settlement in January
-Employers usually file for their employees, but if not, employees
must file themselves or will be penalized
-Refer to the English-language income tax guide for foreigners
- available at any tax office – for assistance
-Returns must be filed to with the District Tax Office that
has jurisdiction over your residence. |
Some Necessary Documentation for Filing |
-Alien Registration Card – the number on this card must
be used on every tax-related document
-Report of Exemption & Deduction From Wage & Salary
Income
-Some other forms of documentation: (depending on purchases)
Copy of Receipt for Medical Expenses, Copy of Receipt for Education
Expenses, etc. |
Taxing wages |
Most foreign employees are required to pay Korean income tax
-Taxes are usually deducted from employee’s paycheck and
paid by employer
-Taxes may be deducted for National Pension, Medical Insurance
and the Simplified Tax Withholding. If they are, ask for official
proof of your membership to each.
*Foreign teachers
employed at universities or other recognized institutions may
be exempt from paying taxes for two years according to Article
20 of the Korean Tax Code. Teachers from Canada are not covered
by exemption.*
-Contact Korean Tax Office in Seoul (82 (2) 720-4793
or 720-4222) for more information |
MORE INFORMATION
National Tax Service
- http://www.nts.go.kr/eng/
EFL-Law - http://www.efl-law.com
USEFUL LINKS
Currency Converter
Quickly and easily covert one currency into another using
this simple , online currency conversion tool.
http://www.fieba.net/fieba/openconverter.jsp
World Time
Find the time in any country of the world. This page displays world time by time zone and by city or you can use our search form powered by worldtimeserver.com
http://www.esljobproject.com/esl_info/world_time.php
International Calling
Find international calling codes to make international
calls. Easily find how to make an international call from
one country to another.
http://www.esljobproject.com/esl_info/int_calls.html
Banking
Banking information on how to setup an account in Asia.
Find how to start an account in China, Korea, Japan and
Taiwan.
http://www.esljobproject.com/esl_info/banking.html
Flights
Find Asian travel Agents while teaching overseas. ESL
Job Project. Find ESL teaching jobs in Korea, China, Taiwan,
Japan.
http://www.esljobproject.com/esl_info/flights.html
Things to Bring
ESL Teacher suggestions on what to bring to Asia. What
to bring when you teach in China, Taiwan, Korea or Japan.
http://www.esljobproject.com/esl_info/things_to_bring.html
Links
A collection of useful links related to the ESL teaching
community.
http://www.esljobproject.com/links/index.php |
Member Area | 
Register |
Post Ad |
Wap
RSS Feed