2024.06.30 (일)

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Guide to the Year-end Tax Settlement 2012 for Foreigners

[By NBC-1TV H. J Yook]workers are expected to file the Year-end Tax Settlement in Korea this year, recording the largest number.

* The number of foreigners who filed the Year-End Tax Settlement: 365,000 (attributable to ‘09)→ 403,000 (attributable to ’10)→ 465,000 (attributable to '11)
* A foreigner refers to a person who does not hold Korean nationality on the last date of the relevant tax year

The schedule of the Year-end Tax Settlement 2012 is the same for both Korean nationals and foreign workers, but foreign workers need to understand that some tax treatments are different from that of Korean nationals when preparing and filing their Year-end Tax Settlement.
- Foreign workers are entitled to special taxation including a 15% flat tax rate and income tax exemption for foreign engineers, etc. while they are not qualified for some types of income deduction



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