Tax Insights
Practical notes on Korean tax and accounting, in English.
Year-End Tax Savings Checklist 2026 - 4 Things Business Owners Should Do Before December 31
Only amounts paid by December 31 count for this year's Yellow Umbrella Fund deduction (up …
Read →Can't Pay the VAT Interim Notice? Payment Extension, Card Payment, and Preliminary Return (2026 Second Period)
The VAT interim notice amount is half of the first-half tax payable, and the 2026 …
Read →Korea Exit Tax: Who Is Subject, Large Shareholder Test, and Filing Deadlines (Emigrating in 2026)
If you emigrate and become a non-resident, a large shareholder is treated as selling …
Read →Missed the VAT Filing Deadline? Late Filing Penalty Reductions (2026)
If you miss the VAT filing deadline, file a late return. File within 1 month and the …
Read →Korea Tax Invoice Deadline: Penalties for Late Issuance (2026)
The tax invoice deadline is the 10th of the month after the month of supply. Late issuance …
Read →Korea VAT: When Input Tax Cannot Be Deducted (Vehicles, Entertainment)
You cannot deduct input VAT without a tax invoice, or on entertainment expenses, …
Read →Interim Income Tax Prepayment in Korea: Deadline, Who Pays, and Installments (2026)
The interim prepayment of comprehensive income tax is due November 30, 2026. The notice …
Read →Korea Gift Tax Deduction Limits 2026: KRW 50 Million for Parent to Child, KRW 100 Million for Marriage or Birth
Gift tax deductions over 10 years combined are KRW 600 million from a spouse, KRW 50 …
Read →Korea One-Home Capital Gains Tax Exemption: Conditions (2 Years Held, KRW 1.2 Billion, Temporary 2 Homes)
The one-household one-home exemption requires holding the home for 2 years or more. If the …
Read →Korea VAT Filing Schedule 2026: Deadlines for Companies, Individuals, and Simplified Taxpayers
The final VAT return is due July 25 and January 25 of the next year. The preliminary …
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