Effective at the beginning of 2023, the non-taxable cap for meal allowances was increased from KRW 100,000 to KRW 200,000. It is advisable to discuss this with your accountant along with the myriad of other ways to save on taxes in Korea. Please see: Korean National Pension Contributions & Deductions for additional information on Korean Tax law deductions sometimes missed by foreigners residing in Korea.
We find, in most cases, the accounting services utilized by expats is not adequate in capturing all benefits available from the town offices and the tax offices.
Have a chat with us and we can, in many cases, recommend you to a proactive accountant. You can schedule a call on our website at: IPG Legal and we shall get the accountant on the line with you when advisable.
- Tax Deductibility of Meal Allowances in Korea Increases to KRW 200,000
- Korean National Pension Contributions and Tax Deductions for Freelancers and Expats Residing in Korea
- Korean Year-End Tax Settlement: Common Errors & Omissions
- Korean Corporate Tax Rate
- Korean Inheritance Tax for Estates in Korea
- Korean Securities Transaction Taxes
- Company Car Expense Deductions in Korea: Korean Tax Law Updates
- Steps to Set up a Business in South Korea
- How to Successfully Manufacture OEM in Korea: First Break Products Down to the Threads
- Filing your U.S. Taxes as an Expat in Korea: Foreign Earned Income Tax Exclusion