Do You Need to File Taxes in Korea in May? A Guide for Foreigners
If you live or work in Korea, there is one phrase you will almost certainly hear in May: comprehensive income tax filing . If you are wondering whether you need to file taxes in Korea in May, you are not alone. This guide will help you understand the basics and see if it applies to your situation. ⚡ What You Need to Know In Korea, May (May 1–31) is the main tax filing season. If you are self-employed, a freelancer, or have additional income, you may need to file taxes. However, if you are a regular employee, your taxes are usually handled through year-end tax adjustment. Foreigners may also need to file depending on their income and situation, so it is important to check carefully. 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 als...