The Korean Corporate Income Tax law was amended to lower Korean corporate income taxes for 2023. The amendment is applicable for the year 2023 or until amended. For an article on the reduction in Korean Stock Transaction Taxes please see: Korean Stock Transaction Taxes.
|Tax Basis||2022 (Local Income Tax)||2023 (Local Income Tax)|
|Less than KRW 200 million||10% (11%)||9% (9.9%)|
|KRW 200 million to KRW 20 billion||20% (22%)||19% (20.9%)|
|KRW 20 to KRW 300 billion||22% (24.2%)||21% (23.1%)|
|More than KRW 300 billion||25% (27.5%)||24% (26.4%)|
For a consultation with an attorney or our in-house CPA, schedule a call with IPG Legal. Please note, that we have an affiliated tax accountant and CPA that files taxes for foreign businesses, foreign employees, and entrepreneurs. Please note your specific need when scheduling a call and we shall get the right person on the line for your call with us.
- Korean Corporate Tax Rate
- Korean Securities Transaction Taxes
- Korean Flat-Tax Rate for Foreign Workers in Korea
- Korean Tax Law Amendment Press Release by Korean Government
- Korean Tax Risk of Foreign Corporation Deemed “Actual Business Management Locale” within Korea: Korea Tax Law Basics
- Can a Foreign Company be Deemed a Domestic Company for Tax Purposes and Taxed on Worldwide Income?
- Korean National Pension Contributions and Tax Deductions for Freelancers and Expats Residing in Korea
- The Korean Tax Law Reform Proposal of 2022
- Korean Inheritance Tax for Estates in Korea
- Korean National Tax Service Tax Law News Release to Foreign Corporate Taxpayers: Korean Tax Law Updates