Taxes
Korean tax guides made simple
Taxes
19 posts
One Korean Gift Tax Return Is Worth KRW 25 Million
File on time and 3% comes off; fail to file and 20% goes on — twenty-three percentage points on the same tax.
Korea’s Ten-Year Gift Rule — Aggregation Splits, the Deduction Merges
“Ten years” appears twice in the gift tax. Same number, opposite ways of counting people — which is where most of the confusion lives.
Korea's 2026 Tax Reform Bill — From Holding to Living There, and It Is Still a Bill
Almost every write-up says “here is what changes from 2027.” But this goes to the National Assembly on 3 September. One axis runs through all of it — not how long you held the home, but how long you lived in it.
Korean Inheritance Tax — Facts, Not Headlines (2026)
“A 20% financial-asset deduction” only holds between ₩100M and ₩1B — the provision actually has four bands.
Korea's Gift Tax Deductions — Marriage and Childbirth Together Are Still 100m Won
Paragraphs (1) and (2) each say “separately, 100m won,” which reads as 200m. Paragraph (3) then caps the sum at 100m.
Korea's Medical and Education Tax Credits — What That Parenthesis Releases, and What It Doesn't
The medical credit is not one rate but three, fertility treatment is 30%, and the two age tests are measured from opposite ends of the year.
Korea's Tax Calendar — What's Due in Every Month
Comprehensive real estate tax runs 1-15 December; property tax takes land in September, buildings in July, and splits only housing. Under ₩200,000 it is settled in July alone — and the car tax prepayment ceiling is 10%, not 5%.
Find Unclaimed Tax Refunds — A 5-Minute Self-Check (2026)
A notice from the tax office does not stop the five years running — the provision says so in as many words.
Korea VAT Explained 2026 — General vs Simplified, Filing & Refunds
The 104 million won line is not in the Act — VAT Act art.61 sets only a band from 80 million to 130% of it, delegating the figure to the Decree.
Amended Returns — Reclaiming Missed Deductions Within Five Years
We opened Framework Act on National Taxes art.45-2 — and found two three-month clocks running alongside the five years.
Korea's Freelance 3.3% — A Number That Appears in No Statute
We opened the provisions themselves. The 3.3% turns out to be 3% x 1.1, and the 8.8% takes three provisions multiplied together.
Side Income in Korea: Must You File in May? The Provision Lists Only Who Need Not
We ran each income combination through Income Tax Act art.73 — including the clause that catches a second job paying wages.
Korean Car Tax Prepayment — 4.58% in January, 1.25% in September
The familiar 10% discount is out of date: the 2026 rate is 5%, and it covers only the months after you pay — September gives 1.25%.
Korea Dependent Deduction Explained — Income & Age Rules (2026)
1.5M won each. The 1M-won income and age rules, plus avoiding sibling double-claims — with cases.
Korea EITC & Child Tax Credit 2026 — Eligibility, Amounts, How to Apply
Cash for working households: 1.65M–3.3M won plus up to 1M won per child, filed in May.
Korea's Comprehensive Income Tax 2026 — Verified Against the NTS's Own Example
We recomputed the tax office's published worked example and matched it to the won. Plus what really counts toward the 15-million-won pension line.
Korea's Year-End Tax Settlement: the Credit-Card Rule Is Half Wrong
We ran the National Tax Service's own formula. Filling the 25% threshold with a credit card is worth exactly zero in tax.
How US Tax Brackets Actually Work (2026)
‘I'm in the 24% bracket so I pay 24%’ — wrong, and the myth costs people money.
US State Taxes 2026: Is It 7, 8, or 9 ‘No Income Tax’ States?
South Dakota says seven. The trackers say eight. Search says nine. Here's why the count differs — and what SALT does to the math.