Hwang's Tax Service (Hwang Chul-hyun)
About Hwang's Tax Service
As a Korean certified tax agent registered with national tax authority, I attribute my reputation to the lasting customer relationships I’ve developed throughout the years. I believe that all of my customers deserve the highest level of service, and I am committed to providing just that. Get in touch to learn more.
Services by Hwang's Tax Office
Hwang's tax office has earned its positive reputation because I go out of my way to provide truly exceptional service to each of my clients. I understand that your needs can change last minute, and I am ready to adapt my services quickly to ensure your success. Read on to learn more about what I can do for you.
INCORPORATION
(establishing business entity)
ACCOUNTING/BOOK KEEPING
TAX FILINNG / Tax Consulting
(VAT, income tax, corporate tax)
Get in Touch
If you have any question or need tax-related services, feel free to email me in English.
Hwang, Chul hyun (Korea Certified Public Tax accountant, US CPA)
Address: 551 Young Dong St., Gangnam-Gu, Seoul, Korea (Metro #2 Samsung, #9 Bongeunsa)
E-mail. taxhow99@gmail.com
OVERVIEW
INCORPORATION
There are three ways by which foreigners (foreign corporations) can enter Korea for business purposes: establishing a local corporation, a local branch, or a liaison office
VAT
Value added tax (VAT) is a tax levied on added value acquired in the process of the transaction of products (goods) or the provision of services. Korea imposes VAT on value generated at each step of a transaction, and applies a VAT rate of 10 percent. The VAT imposed on businesses is calculated by subtracting the input tax from the output tax.
CORPORATE TAX
Corporate tax refers to tax imposed on income earned by businesses. Domestic businesses are obligated to pay corporate tax for all income generated domestically and in foreign countries, while foreign businesses are obligated to pay corporate tax for income from domestic sources.
INVIDUAL INCOME TAX
The Income Tax Act categorizes taxable income into global income, retirement income, and transfer income. Global income is the sum of interest income, dividend income, business income, wage and salary income, pension income, and other income. The tax base for global income is calculated by deducting necessary expenses, income deductions, etc. from global income, and a tax rate of 6-45 percent is applied.
FAQ (INCOME TAX)
While working with customers, we’re constantly learning about their needs and managing inquiries that arise. As a result, we’ve included a list of frequently asked questions along with answers in order to provide additional support. If your question isn’t addressed below, get in touch with us and we’ll provide the information you need.
An Individual from a foreign country is liable for tax filing and payment in Korea?
Yes. if you are a resident, you are liable to tax on world-wide income in Korea and need to file a return on the tax base between May 1 and May 31 of the following year.
Am I a resident in terms of the tax regulation?
If you are expected to stay for more than half a year in Korea based on your occupation, family, properties, and so on, then you are probably a resident.
What if non-resident?
A person who is not a resident of Korea is deemed to be a non-resident and is subject to income tax only on income derived from sources within Korea.
Which income is taxable in Korea?
One large category is global income which consists of interest income, dividend income, business income, employment income, annuity income, other income.
Other than global income, there are retirement income and capital gains in taxable income.
One thing you need to know is that a foreign source income of a resident whose total residence period in Korea is less than 5 years over the past 10 years is taxed in Korea only when it is paid in Korea or remitted to Korea.
What is tax rate for individual income?
It ranges from 6% to 45% depending on individual annual income amount.
Am I a business income earner?
If you are doing business with business registration in Korea, you are required to file business income. Even if you don’t have business registration but have earned income with 3.3% withholding tax, you are deemed to have business income.
I am working for a company or as a freelance employee. Should I file a return in May?
Yes, if you get paid with 3.3% withholding tax
Is book keeping required to file a return?
A taxpayer conducting a business shall maintain books and records adequate to support the computation of the amount of taxable income.