Taxes in Korea for Foreigners – What to Know in May
If you live or work in Korea, there is one phrase you will almost certainly hear in May: comprehensive income tax filing . If the filing season is already underway, it might be a good time to take a moment and check whether it applies to your situation. ⚡ What You Need to Know In Korea, May is the main filing season for individual comprehensive income tax, generally from May 1 to May 31 . This applies not only to Korean citizens but also to foreigners who earn income in Korea. Since the rules can vary depending on income type, length of stay, and personal circumstances, checking official guidance is always the safest approach. A simple example of preparing tax documents during Korea’s tax filing season. Why Is May Important for Taxes in Korea? In Korea, May is often called Family Month because it includes several family-related celebrations. At the same time, however, it is also one of the most important months for taxes. People who ar...