National Tax Service: "Foreign Workers in Korea Must Complete Year-End Tax Settlement by Next Month"
New 'Year-End Tax Settlement Foreign Language Manual' Created for Non-English Speaking Foreign Workers
[Asia Economy Reporter Kwangho Lee] The National Tax Service announced on the 16th that foreign workers who earned earned income in Korea last year must complete their year-end tax settlement by next month, regardless of nationality or length of stay.
The method and schedule for year-end tax settlement for foreign workers are the same as those for Korean nationals.
If a foreign worker is a "resident" with an address or has stayed for a certain period, the general year-end tax settlement items and schedule apply the same as for Korean workers.
However, some tax benefits such as the 19% flat tax rate and income tax reductions for foreign technicians apply only to foreigners.
Some deductions, such as housing fund deductions, housing installment savings deductions, and monthly rent deductions, do not apply, so caution is required.
The National Tax Service provides various services in English to support foreign workers who are not familiar with the Korean language, including an Easy Guide booklet, an automatic year-end tax settlement calculation program, and a dedicated consultation phone line for foreigners.
Especially from this year, to facilitate year-end tax settlement for non-English-speaking foreign workers, a 'Year-end Tax Settlement Foreign Language Manual' in Chinese and Vietnamese has been newly created and posted on the English website in addition to English.
An official from the National Tax Service said, "We will continue to improve the reporting assistance services to make year-end tax settlement easier and more convenient for foreign workers."
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Meanwhile, in the year-end tax settlement for earned income in 2018, 573,000 foreign workers reported income tax of 783.6 billion won, an increase of 12.9 billion won from 770.7 billion won in 2017.
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