South Korea Tax Agency Issues 2025 Individual Income Tax Guide for Nonresidents, in English, Korean

The South Korean National Tax Service May 1 issued the 2025 individual income tax guide for nonresidents, in English and Korean. Topics covered include: 1) changes for tax year 2024 income, including the increased ceiling for the childcare allowance to 200,000 South Korean won (US$142) per month from 100,000 won (US$71) per month, and the extension of the 19 percent flat tax rate for foreign employees, to Dec. 31, 2026, from Dec. 31, 2023; 2) categories of taxable income and filing deadlines for tax year 2024 income tax returns; 3) tax calculation, filing, and payment procedures; 4) applicable tax rates ...