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Korea’s taxation system has supported fiscal policies for achieving the central or local governments’ economic development plans. As of October, 2015, the system largely consists of national tax and local tax.

National Tax

National tax refers to tax imposed on and collected from people by the government to cover its expenditure. National taxes are collected by the National Tax Service(tax office) and the Korea Customs Service(customs office) to finance the central government.

  • Income Tax
  • Corporate Tax
  • Value Added Tax
  • Customs Duty
Basic tax rate on corporate income, 2015
Basic Tax Rate on Corporate Income, 2015
Basic tax rates
Tax Base Tax Rate
200 million won or less 10%
More than 200 million won but
not exceeding 20 billion won
20 million won + amount in excess of 200 million won * 20%
Exceeding 20 billion won 3,980 million won + amount in excess of 20 billion won * 22%


Basic Tax Rate on Composite Income
Basic tax rate on composite income
Tax Base Tax Rate
Not more than 12 million won 6%
More than 12 million won and not more than
46 million won
720,000 won + the amount exceeding 12 million won * 15%
More than 46 million won and not more than
88 million won
5,820,00 won + the amount exceeding 46 million won * 24%
More than 88 million won and not more than
150 million won
15,900,000 won + the amount exceeding 88 million won * 35%
More than 150 million won 37,600,000 won + the amount exceeding 150 million won * 38%

※ Personal local income tax equivalent to approximately 10 percent of the composite income tax is imposed.

Local Tax

Local tax is imposed by local governments on its residents, property or profit, or specific activities in the area under the jurisdiction, as prescribed by the Local Tax Act.

  • Acquisition Tax
  • Registration and 
    License Tax
  • Resident Tax
  • Local Income
  • Property Tax
KIM Min-kyung Executive Consultant
NTS(National Tax Service)
SIM Wan-seob Senior Officer

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