Year-end Settlement for Salaried Income: 연말정산

Every employer need to file those Employee Income Tax Return by the 10th of March, for this due date NTS will allow you to download all of record(Statements of Credit/check card and cash receipts, Medical expenses, Tuition fees and other figures which is related to the deductible items as below) from the 15th of January if you joined in this website.

And usually most of employer completed this settlement by the end of January or mid. of February and will ask you to pay more or you can get some refund(we call it 13th month bonus) if you paid more than you need to pay.

After this process, your employer need to issue a receipts to you, it's "근로소득 원천징수영수증", please ask them to give, and keep it for your future filing in your country or correction by the end of May if it's not filed fairly.

This process and deductible items are not for the 3.3% tax payers at all, so please do not confusing it.

Please review the below deductible items to save your tax if you're not a flat-rate taxpayer and send me an email if any questions, jz@taxjz.com

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since 1981-

Korean Tax Blog

Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

F:+82-31-273-5078  |  Skype: joezoh  |  Email: jz@taxjz.com

Web : www.taxjz.com  |  Blogs: www.koreantaxblog.com

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