What is the tax rate for individual in Korea?
For individual, including employee and business income and things like that
The tax rate belongs to the income that you gained.
Tax Base of Global Income |
Tax Rates |
Deduction |
less than \12,000,000 |
6% |
- |
\12,000,000 - \46,000,000 |
15% |
\1,080,000 |
\46,000,000 - \88,000,000 |
24% |
\5,220,000 |
\88,000,000 - \150,000,000 |
35% |
\14,900,000 |
\150,000,000 |
38% |
\19,400,000 |
For example, if your global income is \87,000,000, your final tax will be
\87,000,000 * 24% - \5,220,000 = \15,660,000
Depends on your pre-paid tax, your final duty will adjusted.
When you become Korean resident, you have to report from all over the world. You also should report foreign income in Korean Won and use the exchange rate that was in effect on the day you received.
Kakao ID: taxmate
Email: jayjang@gmail.com