Korean Tax Blog

Do Foreign Business Owners Need to Withhold Tax When Paying Employees or Freelancers in Korea? “I run a business in Korea and pay employees or freelancers. Do I need to deduct tax before paying them?” In many cases, yes. If you operate a business in Korea and make payments that are subject to Korean withholding tax, you may be responsible for deducting the appropriate tax from the payment and reporting it to the Korean tax authorities. Being a foreign business owner does not

Do Foreign Business Owners Have to Pay Income Tax in Advance in November? “I run a business in Korea. Why am I being asked to pay income tax in November?” If you are a foreign individual business owner in Korea, you may need to check whether Korean Income Tax Interim Prepayment applies to you. This is separate from the regular Comprehensive Income Tax filing that generally takes place in May. What Is Income Tax Interim Prepayment? Korea operates an interim prepayment system f

How Do Foreigners File Income Tax in Korea as a Business Owner? “I’m a foreigner running a business in Korea. How do I file and pay income tax?” If you operate a business in Korea as an individual business owner, you may have to file a Global Income Tax Return (종합소득세 신고) in Korea. Being a foreigner does not automatically exempt you from Korean income tax. When Do Foreign Business Owners File Income Tax? Korea generally requires individuals with business income to file their a

Starting a business in Korea can be an exciting yet complex process, especially for foreign investors. One of the key decisions to make...

Are you considering setting up a “주식회사 (Jushik Hoesa)” in Korea? While popular, this corporate structure involves extending directorship...