Introduction to Income Tax in Korea Income tax is a crucial aspect of the Korean tax system, and understanding its intricacies is essential for individuals and businesses operating in Korea. This blog post aims to provide a comprehensive overview of income tax regulations in Korea, covering taxable income, non-taxable income, and tax-exempt income. Taxable Income 1. Types of income subject to gl..

Non-Taxable Income In the Korean tax system, non-taxable income refers to the income for which the tax authority waives its taxing rights. This means that such income is excluded from taxation, and taxpayers do not need to apply for non-taxation status. Various types of income fall under this category, providing certain exemptions for individuals and businesses. Non-Taxable Income Examples 1. In..

Religious person’s income Definition of Religious Person's Income Religious person's income, as defined in Article 21 (1) 26 of the Income Tax Act, refers to the income received by a religion-related worker, also known as a "religious worker," from the religious organization he/she belongs to. This income is related to the execution of a religious rite or any other activity performed as part of ..