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GFRA Forums : General Discussion : Korean Tax
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Korean Tax

Posted: 18 July 2016 - 12:14 AM
South Korean government is planning to change the preferential income tax for foreign nationals working here, local media reported on July 18.

According to reports, the Ministry of Strategy and Finance reviewing three possible measures in altering the special income tax rate applied to foreign nationals who work for companies specified by the presidential decree. At present, foreign nationals working at relevant companies are taxed at fixed rate of 17 percent regardless of income.

The Finance Ministry plans to extend the special income tax rate beyond the original expiration date of Dec. 31, but the measure will be altered.
Posted: 31 July 2016 - 07:03 PM
The ratio of South Korean workers exempt from paying earned income taxes reached 48.1 percent in 2014, higher than numbers found in other advanced economies. The sharp increase in 2014 follows the revision of the country's income tax rules that aimed to allow people to pay fewer taxes throughout the year in exchange for accepting smaller refunds at the year?s end.

In 2014, the ratio of workers who did not pay income taxes jumped to 17.8 percent, or 235,144, of the workers who earn 40 million won-50 million won ($36,000-45,000) a year. It was up sharply from just 1.5 percent, or 18,475, of the workers in the same wage category in 2013.
South Korea, meanwhile, beat developed countries in terms of the percentage of workers who did not pay income taxes. Its 48.1 percent ratio is much higher than the 25.1 percent reached in Australia and 2.9 percent in Britain.
GFRA Forums : General Discussion : Korean Tax

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