Global income deductions are an essential aspect of income tax calculations in Korea. In this blog post, we will explore the various types of deductions available for residents with global income, which help reduce their taxable income. These deductions play a crucial role in determining the tax base for global income. Let's delve into the details! Global Income Deduction Overview The tax base f..

We will delve into the details of income tax in Korea, focusing on the calculation of the tax base (taxable income) and different types of income. Understanding these concepts is crucial for individuals and businesses operating in Korea. So, let's get started! Calculation of Tax Base (Taxable Income) Taxable income, also known as the tax base, is an essential factor in determining the amount of ..

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..