Mastering Bookkeeping Responsibility in Korea: A Sole Proprietor’s Guide
In South Korea, a sole proprietorship has specific bookkeeping responsibilities to ensure compliance with tax regulations. The key...
Inheritance Related Taxes and Expenses
Joint liability for inheritance tax means that the heirs have the obligation to pay the inheritance tax jointly, within the limit of the...
19% Flat Tax Rate: Tax Exemption for Expat Employees
Eligibility: - Foreign workers (excluding daily workers) who do not hold Korean nationality as of the end of the relevant tax year. - The...
Why Limited Approval is Better Than Renunciation in Korea
The concept of "limited approval" versus "renunciation" in Korea seems to pertain to different contexts, including nationality and...
Why You Need Renounce Inheritance in Korea
People in Korea may choose to renounce inheritance for various reasons: 1. Inheritance of Liabilities: One of the primary reasons for...
Inheritance Order in Korea: NTS Guidance
In Korean inheritance law, the order of inheritance prioritizes the closest kin to the deceased. If there are multiple heirs of the same...