Dear Expats and Foreigners of South Korea,
It is tax season and it is not too late to file for your Korean income tax.
If you haven’t found a tax attorney yet, we will also refer you to a very reliable and reputable tax attorney to make your lives easier (English proficiency – not bad at all).
If you have your tax documents to file for Korean income tax, you can go to the National Tax Service website for more information regarding the filing process as well as a hotline with English language assistance for foreigners. Here is the website www.nts.go.kr/eng
for more information.
Should you have any difficulty filing your Korean tax income, we would like to refer a tax attorney provided below. If you require more assistance in order to file your taxes - while it is not necessary for you to meet with a tax attorney - you can contact Mr. Shin from Dasan Tax Accounting and Consulting Corporation. We have an ongoing relationship and affiliations with Mr. Shin at Dasan Tax Accounting & Consulting Corp, so we highly recommend him to file your Korean income tax.
In South Korea, if you want an accountant to handle your taxes: First, you will have to ask around and find out who will be the most suitable or fit for you. Most expats will inquire on social network sites and other social network blogs to find out more information in regards to filing your taxes.
Next, once you select an accountant, make sure you have him/her give you a standard rate or a fee. Expect it to be around KRW 150,000 – KRW 250,000 for filing a year worth of taxes. If you need to file for additional years, it might cost you a little more (KRW 250,000 – KRW 400,000). The rate will also depend on your situation and how many income taxes you are reporting or filing with the tax accountant. (FYI: Mr. Shin will probably file your 2013 Korean income tax or multiple Korean income taxes with a standard fee, which will be below KRW 250,000).
Finally, you can expect a tax return for the following: One for the state tax and one for the resident tax over 1 month or two months (Around June and/or July). This will depend on if you will receive the state tax and residential tax separately or in one lump sum. As a foreigner, we can expect quite a good amount of refund back because of the residential tax, state tax, and most accountants will put the maximum for all of your potential deductions.
Your income tax should be filed and the filing fee should be paid by no later than May 31st, 2014. Why is it beneficial to file for your Korean income tax? First, you will get a very large tax return for your state tax and residence tax that has been deducted from your income payment. In addition, it is also recommended and legally we should file for our taxes like you would file for your taxes in your home country. Finally, if you plan to live here in South Korea longer than a year, filing taxes can help you send a large amount of money overseas and you can even obtain a credit card and/or a loan for a new/used car or a potential house payment.
If you wish to file with Mr. Shin at Dasan Tax Accounting, please email or contact Mr. Shin and have all the aforementioned information provided ready to fax over to him. Please make sure you mention that you were referred by Josh and he will take care of you.
Dasan Tax Accounting & Consulting Corp.
Address: 6th floor #601 Olympia Center, 828-10 Yeoksam-Dong, Gangnam-Gu, Seoul Korea 135-935
Fee: It will depend upon final tax calculations [KRW 150,000 – KRW 250,000]
Filing requirements: You will require your 2013 Korean tax income statement and/or your prior year Korean income tax statement(s), a copy of your ARC card, and a scanned/printed copy of your bank book. *Please note, in a few cases, additional documents could be requested depending on individual situations (e.g. If you are on a different Visa status).
Site map for Dasan Tax Accounting & Consulting Corp: http://map.naver.com/local/siteview.nhn?code=13187546
If you need any assistance or if you have an inquiries in regards to filing taxes, then please contact us or Mr. Shin for a consultation.