Republic of Korea
Personal Income Tax
Tax Rate
With a progressive tax rate structure from 6% to 45%, the threshold effect is eliminated.
Tax Base
After calculating financial income, business income, earned income, pension income, and other income separately, add them up and report them to the tax authorities in May of each year.
In addition, retirement income and capital gains (real estate, etc.) are calculated separately.
Basic Structure
In principle, it is calculated by type of income. However, by default, a progressive tax rate is applied based on the sum of all income.
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.