Republic of Korea
Corporate Income Tax
Tax Rate
Based on the tax base, 9% up to 200 million won, 19% up to 20 billion won, 21% up to 300 billion won, 24% over 300 billion won (KRW)
Tax Base
The tax base is calculated by reflecting tax adjustments in NI calculated under GAAP.
Basic Structure
The tax base is calculated by reflecting tax adjustments in NI and deducting losses in the past 15 years.
The tax amount to be paid is calculated by multiplying the tax base by the tax rate and subtracting the deduction and penalty tax.
Tax Credit
Tax credits must be reviewed on a case-by-case basis and are rigorously reviewed by the tax authorities. Recently, growth in investment and employment is the main incentive for tax credits.
GTI's support partner in Korea
JUDONG OH
Judong is a partner supporting the Korean section of "Global Tax Inside". He was in charge of tax affairs for foreign corporations as a senior manager at one of the Big 4 accounting firms, and is now working as an international tax partner at Daseung Tax Firm.