• go rss

Date   :


Sort   :


Korea’s taxation system has supported fiscal policies for achieving the central or local governments’ economic development plans. 

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 as of January 2020
Basic Tax Rate on Corporate Income as of July 2017
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%

More than 20 billion won but

not exceeding 300 billion won

3,980 million won + amount in excess of 20 billion won * 22%
Exceeding 300 billion won 65.58 billion won + amount in excess of 300 billion won * 25%

※ Corporate local income tax equivalent to approximately 10 percent of the corporate income tax is imposed.

Basic Tax Rate on Composite Income

Basic Tax Rate on Composite Income
Tax Base Tax Rate
Up to 12 mln won 6%
Over 12 mln won up to 46 mln won 720,000 won + amount exceeding12 mln won X 15%
Over 46mln won and up to 88 mln won 5.82 mln won + amount exceeding 46 mln won X 24%
Over 88mln won and up to 150 mln won 15.9 mln won + amount exceeding 88 mln won X 35%
Over 150 mln won and up to 300 mln won 37.6 mln won + amount exceeding 150 mln won X 38%
Over 300 mln won and up to 500 mln won 94.6 mln won + amount exceeding 300 mln won X 40%
Over 500 mln won 174.6 mln won + amount exceeding 500 mln won X 42%

※ 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
SUL Buyng Min Executive Consultant
NTS(National Tax Service)
LEE Sung Jae  Senior Officer