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Taxes in Korea
Taxes / Deductions
Please note that we’re not a tax accountant and this page is not an official tax website.
Get the official scoop:
One the best places to start looking for Taxes/Deductions-related issues is National Tax Service Guide to Korean Taxes. http://www.nts.go.kr/eng/
According to the worldwide tax agreement, “If you become an inhabitant within Korea, the Korean government should levy a tax on your worldwide income.”
Tax treaty and tax exemption agreement about teaching:
Objective: Almost all tax treaties that Korea has say that non-Korean teachers can be freed from the Korean income tax for 2 years in order to support teaching. Tax-free conditions: Conditions vary, but generally tax-free conditions are as follows.
A taxable country and a tax-free country:
A taxable country: Canada
Foreign employees must pay Korean Income Tax:
For foreign teachers, Income Taxes in Korea are broken up into two major categories:
Whether an employer should report income in Korea when going back:
While you stay in Korea, you don’t have to report your income in Korea to your country. However, when you go back to your country, you must report to your country on income in Korea. If you can prove that you have paid taxes in Korea, it will levy taxes on income in Korea except for the amount of tax paid. American teachers do not have to report their income in Korea up to $80,000.00.
In the case of receiving a pension or yield interest in your country while staying in Korea:
While you stay in Korea and pay taxes to Korea, you should send the data that show your income outside Korea when you report the whole income tax.
No ~ Tips in Korea
Welcome to the “Tips Free Country ~!” When you take a taxi, get a haircut, and even at restaurants, you are not expected to leave tips here unless you really appreciate the service.
This may sound interesting, but the vast majority of these taxes are already included in the price.
Severance Pay Tax Deduction
If the employee finishes more than one-year contract, they will be paid severance pay, which is equal to one-month’s salary. Therefore, at the end of a one-year contract, you will get your monthly salary + severance pay. Also, you have to pay the appropriate severance payment tax at the end of year.
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