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Korea, Republic of Individual - Significant developments

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To attract resources abroad while broadening the tax base with respect to foreign expatriates and employees, the amended law will extend the existing five-year time limit for the application of the flat tax rate, which was scheduled to sunset as of 31 December 2016, by an additional two years so that the flat tax rate will apply to those who will start to work in Korea no later than 31 December 2018. Along with this amendment, those foreign workers who started to work in Korea prior to 1 January 2014 and were eligible to apply the flat rate of tax without being subject to the time limit will be limited to claim the flat rate of tax for the year up to 31 December 2018. The flat tax rate will be adjusted from 17% to 19% (excluding local income tax). This change in tax rate will be applied to the income generated from 1 January 2017.

To reinforce taxation on high-income earning individuals, the amended tax law has created a new top-tier rate for income taxes. Those earning more than 500 million Korean won (KRW) per year will be subject to a 40% income tax rate.


Last Reviewed - 17 August 2017

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