SEOUL, Jan. 5 (Yonhap) – Foreign residents in the country should file year-end tax settlements in the coming few months, the National Tax Service said Thursday.
Foreigners are required to settle year-end taxes between Jan. 15 and the end of February to receive income deductions and tax credits in early April, the service said.
The process and schedule for settling year-end taxes are basically the same for Koreans and foreign residents with only slight differences, the NTS said. Among the differences are that only foreign employees are entitled to an application of a 17 percent flat tax rate and income tax relief, and they are unable to claim deductions and tax credit for certain items such as housing and home purchase savings.
The NTS provides foreigners with an automatic calculation program for year-end tax settlement, easy guide and a consultation service in English.
The number of foreigners who filed year-end tax settlements rose to 544,000 in 2015 from 508,000 in 2014 and 480,000 in 2013.
More information is available at the service's English site at www.nts.go.kr/eng.
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