| 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 500,000 | 38% |
| Over 500,000 | 40% |
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:
| 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 500,000 | 3.8% |
| Over 500,000 | 4.0% |
- 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.
- 11% Korean Source Capital Gain derived by a non resident
- 22% of the sales proceeds in other cases
| Taxable Income (KRW) | Tax Rate |
| Upto KRW 200 Million | 10% |
| KRW 200 Million to KRW 20 Billion | 20% |
| KRW 20 Billion to KRS 300 Billion | 22% |
| above KRW 300 Billion | 25% |