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:
- Korea Tax Tribunal on the Adjustment of Value of Imported Goods and Transfer Pricing
- Tax Qualified Mergers in Korea
- Korean Individual Income Tax Rates: Incomes Taxes Rates on the Rise in Korea
- Korean Corporate Tax Rates: Corporate Taxes to Rise in Korea
- Korea Islamic Bond Tax Bill is Doomed because of Fundamentalist Christians
- Tax Exempt Foreign-Denominated Bonds in Korea Coming to an End for Holders with Offices in Korea
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.
- Tax Qualified Mergers in Korea: Amended 80% Rule for Triangle Mergers
- 17 Percent Flat Tax for Foreign Nationals Residing in Korea: Korean Tax Amendments for 2013
- Korean Tax Laws on Entertainment Companies in Korea: Overseas Tax Deductions
- Korea May Not Eat Apple’s Double Irish with a Dutch Sandwich Tax Strategy
- Filing your U.S. Taxes as an Expat in Korea: Foreign Earned Income Tax Exclusion
- Can a Foreign Company be Deemed a Domestic Company for Tax Purposes and Taxed on Worldwide Income?