Korean Tax Blog

Do Foreign Property Owners Have to Pay Comprehensive Real Estate Tax in Korea? “I own property in Korea. Could I be subject to Korea’s Comprehensive Real Estate Holding Tax?” If you are a foreigner who owns residential property in Korea, Comprehensive Real Estate Holding Tax may be something you need to check. Being a foreign national does not automatically exempt you from this tax. Under Korean law, liability is generally connected to ownership of taxable property in Korea a

Beware of Fake Korean Tax Emails About Cryptocurrency “Did you receive an email claiming to be from Korea’s National Tax Service about cryptocurrency taxes?” Be careful before clicking any links or opening attachments. Korea’s National Tax Service (NTS) has warned taxpayers about phishing emails impersonating the tax authority and referring to virtual asset taxation. Some fraudulent emails have been sent with titles suggesting that the recipient needs to provide information o

Do Foreigners Have to Pay Inheritance Tax in Korea? “I inherited property or money connected to Korea. Do I have to pay inheritance tax?” Foreigners can also become involved in Korean inheritance tax when they inherit money, real estate, stocks, or other assets connected to Korea. Whether Korean inheritance tax applies is not determined simply by nationality. The deceased person’s tax residency and the location of the inherited property are important factors. When Can Korean

Do Foreigners Have to Pay Gift Tax in Korea? “My family sent me money from overseas. Do I have to pay gift tax in Korea?” If you are a foreigner living in Korea, money or property received from family members may, in some cases, be subject to Korean gift tax. Being a foreigner does not automatically exempt you from gift tax. Whether tax applies can depend on factors such as your residency status, the type of property received, and your relationship with the person giving the

Can Foreign Employees Get Tax Benefits for Rent and Mortgage Interest in Korea? “I work in Korea and pay rent or mortgage interest. Can I get a tax benefit?” If you are a foreign employee working in Korea, you may be eligible for certain housing-related tax benefits when filing your year-end tax settlement. Two important benefits are monthly rent tax credits and mortgage interest income deductions. Monthly Rent Tax Credit Foreign employees who meet the requirements may be eli

What Tax Documents Should Foreigners Keep Before the End of the Year? “Tax season is still months away. Do I need to prepare anything now?” If you are a foreign employee working in Korea, it is a good idea to start keeping track of your tax-related documents before the year ends. Preparing your documents in advance can make the Korean year-end tax settlement process easier and help you avoid missing important deductions or tax credits. What Documents Should You Keep? Dependin

What Business Expenses Can Foreigners Deduct in Korea? “I run a business in Korea. Which expenses can I deduct from my business income?” For foreign business owners, understanding deductible business expenses can be an important part of managing Korean taxes. In general, expenses that are directly related to earning business income may be recognized as necessary business expenses when calculating taxable income. What Are Deductible Business Expenses? For an individual busines

As an expat in Korea or living abroad, understanding the Korean tax system can be a daunting task. This guide aims to simplify the...