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Major changes for 2010 individual income tax filing

  • Date 2010.02.26.
  • Read9079









There are three major changes
for 2010 individual income tax filing.




  • First, taxation on foreign
    engineers\' earned income is changed. It was 100% exemption for
    5 years, but this year and after, earned income tax will be exempted 50% for
    2 year. This change is only applied to newly entered foreign engineers this
    year and after, so those foreign engineers who are subject to the previous regulation
    can ve exempted for the remaining period.




  • Second, the special tax
    treatment is change. Last year, foreign workers
    could choose either non-taxation treatment on 30% of the gross earning or 15%
    flat rat, but where the former is abolished this year, onlt 15% flat rate is
    applied.




  • Third, Korea nationals with
    foreign permanent residency is excluded from the special tax treatment for foriegn
    engineers and foreign workers.










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