In this blog post, we will explore penalty taxes and late payment fees related to income tax in Korea. Understanding these penalties is crucial for residents to avoid unnecessary financial burdens. Penalty Tax on Non-filing or Incorrect Filing If a resident in Korea, who is obligated to file an income tax return, fails to do so within the due date or under-reports their income, they will be subj..

To understand the rules for calculating income tax in Korea, we need to focus on a few key aspects. The provisions related to the computation of tax base apply to the real income, profit, property, act, or transaction, irrespective of its title or form (Article 14 of the Framework Act on National Taxes). Substance Over Form The Korean tax system emphasizes substance over form. This means that th..

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..

Understanding Global Income Tax for Individuals Introduction we will delve into the concept of global income tax, a crucial aspect of taxation for individuals with income earned through economic activities in a foreign country. We will explore the filing period, necessary forms, and required documents for tax returns. What is Global Income Tax? Global income tax refers to a tax levied on the tot..