South Korea Income Tax rate for 2018. Corporate TaxRepublic of Korea (South) Income Tax Rate  for 2018-2019. Personal income Tax Rates for Resident and Non Resident. Capital Gain Tax and Corporate / Companies taxes.

 

 

South Korea Individual Income Tax Rate for 2018 (w.e.f 1.1.2018)

Annual Taxable Income (KRW in Thousands) Tax Rate
0 to 12,000 6%
12,000 to 46,000 15%
46,000 to 88,000 24%
88,000 to 150,000 35%
150,000 to 300,000 38%
300,000 to 500,000 40%
Over 500,000 42%

 

Personal Income Tax is paid to National Tax Service

 

Other than Personal Income Tax, Local Taxes are also applicable in Korea. Local income tax is paid to the the city or province that is the domicile of the tax payer. Rates of Local Taxes are:

 

Republic of Korea Local Income Tax Rate for 2017 (w.e.f 1.1.2018)

Annual Taxable Income (KRW in Thousands) Tax Rate
0 to 12,000 0.6%
12,000 to 46,000 1.5%
46,000 to 88,000 2.4%
88,000 to 150,000 3.5%
150,000 to 300,000 3.8%
300,000 to 500,000 4.0%
Over 500,000 4.2%

 

Alternative Minimum Tax in Korea

- 35% of Income Tax liability before exemption or actual tax exemption. This is applicable to business income of resident individual, but not applied to employment income.

 

Capital Gain Tax in South Korea 2017

- 11% Korean Source Capital Gain derived by a non resident

- 22% of the sales proceeds in other cases

 

Corporate / Company Income Tax Rate in South Korea for 2018-2019

Taxable Income (KRW) Tax Rate
Upto KRW 200 Million 10%
KRW 200 Million to KRW 20 Billion 20%
Over KRW 20 Billion 22%

 

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