In this blog post, we will delve into the concept of necessary expenses for business income in Korea. Understanding these expenses is crucial for businesses to accurately compute their taxable income. Let's explore the scope and categories of necessary expenses for business income. Scope of Necessary Expense Necessary expenses for business income encompass the total amount of expenditures incurr..

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..

[Income Tax in Korea] Housing rental income we will discuss the key aspects of reporting housing rental income and the associated income tax regulations in Korea. Persons Subject to Reporting Housing Rental Income Individuals who own residential properties meeting any of the following criteria are required to report their housing rental income: Persons owning housing over 900 million won in stan..