Stay ahead of changes impacting
the financial accounting
and reporting of income taxes.
□ For income attributable to 2018
○ Persons who should file a return
1. Resident: An individual with globalincome* incurred from Korea and abroad who has a domicile in Koreaor has had a place of residence in Korea for 183 days or longer in Korea
2. Non-resident: An individual who is not aresident and has global income* among domestic-source income
* Global income: The sum of interestincome, dividend income, business income, wage & salary income**,pension income and other income
** In the case of foreign employees subjectto Article 18-2 of the Restriction of Special Taxation Act, wage & salaryincome shall not be included in the global income tax base.
○ Submission of return
1. Submission period: May 1-31, 2019
2. Business operators subject toconfirmation of compliant filing who submitted a document confirming compliantfiling: May 1-June 30, 2019
3. Individuals who left the country duringthe taxable period (Jan. 1-Dec. 31, 2018): A return for income generated fromJan. 1, 2018 through the date of departure should be filed until one day beforethe date of departure.
4. Individuals who leave the country before thedeadline for submission: A return for income attributable to 2018 and incomegenerated from Jan. 1, 2019 through the date of departure should be filed oneday before the date of departure.
□ Tax rate
Tax base (won) |
Tax rate (for income attributable to 2018) |
Tax amount |
Not over 12 million |
6% |
6% of the tax base |
Over 12 million-Not over 46 million |
15% |
720,000 won + 15% of the amount exceeding 12 million won |
Over 46 million-Not over 88 million |
24% |
5.82 million won + 24% of the amount exceeding 46 million won |
Over 88 million-Not over 150 million |
35% |
15.9 million won + 35% of the amount exceeding 88 million won |
Over 150 million-Not over 300 million |
38% |
37.6 million won + 38% of the amount exceeding 150 million won |
Over 300 million-Not over 500 million |
40% |
94.6 million won + 40% of the amount exceeding 300 million won |
Over 500 million |
42% |
174.6 million won + 42% of the amount exceeding 500 million won |
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