One-Stop Korea Tax – 🇰🇷💰 Stress-Free Korean Income Tax Returns Made Easy! 💰🇰🇷

Click Here to start! As the deadline for the 2023 tax year approaches in May 2024, navigating the complexities of the Korean income tax system can seem like a daunting task, especially for those who are less familiar with the local regulations or who may not be fluent in Korean. Fortunately, our specialized, English-friendly income … Continue reading One-Stop Korea Tax – 🇰🇷💰 Stress-Free Korean Income Tax Returns Made Easy! 💰🇰🇷 →

Understanding Cash Receipt Obligations for Transactions paid with Cryptocurrency

As a foreign investor in Korea, understanding the complex tax regulations is crucial for smooth operations. One area that has been a subject of recent clarification is the issuance of cash receipts for transactions involving cryptocurrencies. This article provides an overview of the tax implications and obligations surrounding cryptocurrencies for businesses operating in Korea.The National … Continue reading Understanding Cash Receipt Obligations for Transactions paid with Cryptocurrency →

The ‘K-Chips Act’: A Boost to South Korea’s Semiconductor Industry and Implications for Foreign Investors

South Korea's National Assembly has passed the 'K-Chips Act' (Amendment to the Restriction of Special Taxation Act) to bolster the domestic semiconductor industry. The K-Chips Act aims to expand the tax credit rate for companies investing in facilities related to strategic national industries, such as semiconductors, secondary batteries, vaccines, displays, hydrogen, electric vehicles, and autonomous … Continue reading The ‘K-Chips Act’: A Boost to South Korea’s Semiconductor Industry and Implications for Foreign Investors →

South Korea’s March Tax Revenue Down by KRW 24 Trillion

If you're a foreign business owner operating in South Korea or considering investing in the country, it's essential to be aware of the latest tax developments. South Korea's national tax revenue for March 2023 has experienced a significant decrease compared to the previous year. This article will explore the reasons behind the decline and its … Continue reading South Korea’s March Tax Revenue Down by KRW 24 Trillion →

2 Months before Korean Crypto Taxation!

Controversy over Cryptocurrency Acquisition Cost Cryptocurrency capital gains income = Sales proceeds - acquisition cost Starting from January 2022, capital gains exceeding KRW 2.5 mil from cryptocurrency is subject to 22% personal income tax. As definition of "acquisition cost" is not clear, several draft tax revision bill has been submitted by congressmen for delay of … Continue reading 2 Months before Korean Crypto Taxation! →

Investment Type in Korea Comparison: Corporation vs. Branch

Foreign-Invested CompanyDomestic Branch ofa Foreign CompanyGoverning lawForeign Investment Promotion ActForeign Exchange Transactions ActCorporation typeDomestic corporationForeign corporationIdentityThe foreign investor andforeign-invested company are separateentities (independent accounting &settlement).The head office and branch are asingle entity (consolidatedaccounting & settlement).Delegated agency toprocess notificationsand grant permitsInvest KOREA, KOTRA's overseas offices(investment KBCs), head office andbranches of foreign exchange banks inKorea (notification only)Branches … Continue reading Investment Type in Korea Comparison: Corporation vs. Branch →

How to start business in Korea?

Want to explore options for investment in Korea? Please see the followings. There are four options for foreigners to start business in Korea: a foreign corporation or a foreign individual could establish a local corporation or enter in the form of an individual business. Foreign corporation could also establish a domestic branch or office.Among them, … Continue reading How to start business in Korea? →

Korean Taxation on Cryptocurrency (individual) 2

1. Market value evaluation method for cryptocurrency asset for inheritance and gift tax Average price of daily average for 1 months before/after evaluation date - 2 months average of daily average price. 2. Cryptocurrency exchange business's obligation to submit information Cryptocurrency exchange businesses are obligated to submit its users' information quarterly and yearlyName, social security … Continue reading Korean Taxation on Cryptocurrency (individual) 2 →

Korean Taxation on Cryptocurrency (individual) 1

1. Type of cryptocurrency related income (Other income) Gain from transfer or loan of cryptocurrency asset is newly added to the definition of 'Other Income' for the purpose of Korean income tax. Definition of the 'cryptocurrency' is stipulated in relevant law - ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION as 'virtual asset' which … Continue reading Korean Taxation on Cryptocurrency (individual) 1 →