Designed by Wixweb

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

Korean Tax Blog

since 1981-

Why you need to pay more tax than the first year in Korea?

I Have a lot of questions from E-2 VISA holder for this question, even having a less income than the 1st year in Korea and get a higher tax bill on the 2nd year.

 For the 1st year, your return type is "단순경비율", NTS assumed your deductible expenses around 50-60% and your tax basis will be very lower, I mean your effective tax rate will be less than 3%, so if you paid 3.3% tax during the year as a independent contractor, you can get some refund.

 

For the 2nd year, your return type will be "기준경비율(간편장부대상자)", so if you didn't file with a simple bookkeeping service, your deductible expenses are reduced around 19-23%, and it makes your tax bill higher than the 1st year.

 

More details, please contact me to jz@taxjz.com always, jz

 

Please reload

Recent Posts
Please reload

  • Facebook
  • Linkedin
  • Instagram
  • Google+