Personal Tax Rates in Korea to Rise in 2012: Individual Income Tax Rates in Korea

As with the corporate tax rate, the government passed a law to decrease tax rates in Korea, however, the government has backpedaled and scrapped the law.   The taxes will increase for individuals with adjusted gross incomes over KRW 88mil/year.

TAX BRACKETS                            TAX RATES                
KRW 12mil or Less                           6.6%
KRW 12mil to KRW 46mil               16.5%
KRW 46mil to KRW 88mil               26.4%
KRW 88mil to KRW 300mil             38.5%
OVER KRW 300mil                          41.8%

Recent posts on Korean Tax Law:

IPG will be updating the readers of The Korean Law Blog, The Asian Law Blog and The China Law & Business Blog on updates to China, Bangladesh, Cambodia, Korea the Philippines, Vietnam tax law over the next couple of weeks on IPG’s blogs.

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Korean Tax Law

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