For tax purposes a person is either a resident or a non-resident of Korea depending on his status on residence or domicile. Resident individuals are taxed on their worldwide income. Non-resident individuals are taxed only on Korean-source income. Although similar, the definition of income applicable to non-residents is broader than that of income applicable to residents. Income derived by residents and non-residents is subject to global and scheduler taxation.
▶ Under global taxation, real estate rental income, business income, wages and salaries, temporary property income, pension income, and other incomes are aggregated and taxed progressively.
▶ Under scheduler taxation, capital gains, retirement income, and timber income are taxed separately at varying tax rates.
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