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.

2012
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.
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SeanHayes@ipglegal.com