South Korean income tax rates on global income ranges from 6% to 35%. The top marginal tax rate, including the residence surcharge 38.5% on taxable income in excess of W88 million.
A tax-payer in Korea, who is liable to pay income tax on his/her earnings, is classified into resident/non-resident for income tax purposes. Residency is determined by a “facts and circumstances” test. A resident is subject to income tax and all income derived from sources both within and outside Korea.
Self-employed foreign professionals working in South Korea are also taxed on their income. If you’d like to discuss net retentions further for South Korea contact us now and provide us with information on your specific situation.
With our vetted Contractor Management partners we will ensure that you net the highest % possible of your gross income whilst ensuring that you are compliant with all South Korea regulations and those of your home country.