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Today’s Top Headlines

South Korea Provides Tax Guide For Foreign Workers

by Mary Swire,, Hong Kong

06 January 2017

The South Korean National Tax Service (NTS) has issued its Easy Guide for Foreigners' Year-end Tax Settlement, to help foreign residents in the country to file a return and settle the taxes due on their 2016 income.

The guidebook not only provides details of the year's tax code amendments, but also answers a range of frequently-asked questions and offers essential tips. For example, it is pointed out that foreign residents are liable to pay tax on foreign-source income only if it is paid in or remitted to South Korea.

Among the differences between resident and non-resident employees is that the latter are entitled to the application of a special 17 percent flat tax rate. They may claim the personal income tax deduction for themselves, but are unable to claim tax deductions for other family members or certain tax credits, such as the child tax credit.

The NTS expects some 600,000 foreign workers in South Korea to file a 2016 tax return.

TAGS: individuals | expatriates | compliance | tax | tax compliance | employees | tax credits | tax rates | Korea, South | tax breaks | individual income tax | Tax

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