Korean Tax Blog

Can Foreign Employees Claim Tax Deductions for Family Members Living Overseas? “My spouse, parents, or children live outside Korea. Can I still claim them during my Korean year-end tax settlement?” In some cases, yes. Foreign employees who are Korean tax residents may be able to claim certain deductions for qualifying family members even when those family members live overseas. Living outside Korea does not automatically prevent a family member from qualifying for a deduction

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

Korean Year-End Tax Settlement: What Foreign Employees Should Know If you work for a company in Korea, you may have heard the term “Year-End Tax Settlement” (연말정산). But what exactly is it, and do foreign employees have to do it? What Is Year-End Tax Settlement? Year-end tax settlement is the process of calculating your final income tax for the year based on your salary, deductions, and tax credits. Your employer withholds income tax from your monthly salary throughout the yea

Renters in Korea, especially salaried employees (급여생활자), can ease their tax burden through the Monthly Rent Tax Credit (월세액 세액공제). Think...

Navigating Korea’s tax system can seem complex, but understanding personal deductions can help reduce your taxable income and maximize...

Year-end tax settlement in Korea is a crucial time for employees, as it determines whether you owe additional taxes or qualify for a...

If you're a foreign worker in Korea with children studying abroad, you might wonder whether you can claim education tax deductions for...

Introduction As the year draws to a close, Employers and residents in Korea gear up for a crucial financial event— year-end tax...