Travel, Teach, Live in Korea

Taxes in Korea
By:Choi P.

Taxes are the revenue national and regional governments use for public facilities and services, and are collected by these governments in various forms. There are national taxes paid to the central government in the form of income and education taxes, taxes paid to provincial governments in the form of registration taxes, and resident tax, property tax, and automobile tax paid to city or other local governments. Foreign nationals have the same responsibilities in paying taxes as do Korean citizens.
Resident Tax
Paid every August 1st to the local government where you reside, the amount is determined according to your income and by parity, having no relation to your income. .
Automobile Tax
Those who own automobiles pay automobile tax twice each year, by the first day of June and December. If you pay for the whole year at one time, you receive a 10% discount. If you register to be able to pay every three months, you may then pay in March, June, September, and December. When you purchase an automobile, you will be required to pay an acquisition tax (2% of the cost of acquisition) and registration tax (calculated by the cost of acquisition and the tax rate) to the provincial authorities. You must have liability insurance, and will be fined if you do not.
Integrated Land Tax
Integrated Land Tax must be paid by those owning land every June 1st. It is levied based on the Register Book and the land register.
Property Tax
Person owning structures are taxed according to the value of the property every June 1st.

Taxes Payment Methods

Take the payment notice sent to you by your local government to a bank or post office. For the convenience of the taxpayer, there are automated methods of payment available, such as automatically from one's bank account, with a credit card, and with online banking.
Appeals
ou may appeal the taxes being levied against you based on claims of illegality or excessiveness, within 90 days. Consultations with the authorities in the case of regional taxes may be sought at the tax section of the local government imposing the tax, or with the local office of the National Tax Service for national taxes. Call the National Tax Service anywhere in the country at 1588-0060 or go to the "tax consultation" section of its homepage at http://www.nts.go.kr






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