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S. Korea: Income Tax Regulations for Foreigners Revised |
| Source: |
Arirang News |
| Source Date: |
Friday, December 24, 2010 |
| Focus: |
ICT for MDGs
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| Country: |
Korea (Republic of) |
| Created: |
Dec 28, 2010 |
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Foreign workers in Korea will face some changes to the way they pay taxes here from this coming tax season.
The National Tax Service announced that tax regulations will be modified. Under the new rules, foreigners working in Korea will have to pay a tax of 15 percent on all their income here. They used to be taxed on just 70 percent of their income.
Meanwhile, Korean nationals with permanent residence status abroad will no longer be treated as foreigners, and thus will not be eligible for the 15 percent rate.
Foreigners who want to make deductions will have to submit a deduction request to their employer around the end of January or beginning of February, along with supporting documents.
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