Korean Tax Blog

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

Step-by-Step Guide 1. Eligibility Employees are eligible for severance pay if they have worked continuously for at least 1 year under...

Managing payroll in Korea can be complex due to various local regulations and requirements. For foreign businesses operating in Korea,...