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desperation
Joined: 17 Apr 2007
Location: Those who know, won't say and those who say, don't know. Welcome to Dave's !
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 Posted: Sun Apr 22, 2007 3:41 pm Post subject: tax exempt |
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**** TAX EXEMPTION
All participants, except Canadians, will be exempted from paying Korean income tax for the first two years.
In order to be tax exempted, you are required to submit documents below to your supervisor within the first month of your employment.
- An Application Form (provided by your supervisor)
- a copy of Residence Certificate (issued by the competent authority - Revenue Office of your resident country) |
What's this all about?
http://www.eslcafe.com/jobs/korea/index.cgi?read=24318 |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Apr 22, 2007 4:03 pm Post subject: Re: tax exempt |
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| desperation wrote: |
| Quote: |
**** TAX EXEMPTION
All participants, except Canadians, will be exempted from paying Korean income tax for the first two years.
In order to be tax exempted, you are required to submit documents below to your supervisor within the first month of your employment.
- An Application Form (provided by your supervisor)
- a copy of Residence Certificate (issued by the competent authority - Revenue Office of your resident country) |
What's this all about?
http://www.eslcafe.com/jobs/korea/index.cgi?read=24318 |
IF you work in a public school or publicly funded (national) university AND you are not Canadian (Canuks are not exempt because of a treaty between Canada and Korea) you can be exempt from paying income tax for the first 2 years of your residence in Korea.
You have to show that you are still "resident" and subject to taxation in your home country (ie: your home country considers GLOBAL income for tax purposes). |
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desperation
Joined: 17 Apr 2007
Location: Those who know, won't say and those who say, don't know. Welcome to Dave's !
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| Posted: Sun Apr 22, 2007 5:11 pm Post subject: |
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| sO, since I'm American, and we are tax free up to 75k a year.....I dont pay taxes for it at home and I'm not exempt in Korea either? |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Sun Apr 22, 2007 5:56 pm Post subject: |
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| desperation wrote: |
| sO, since I'm American, and we are tax free up to 75k a year.....I dont pay taxes for it at home and I'm not exempt in Korea either? |
I think someone mentioned that if you declare the tax exempt thing here in Korea then you are obligated to pay taxes in America. I'm not absolutely sure, but I don't think you can be exempt from taxes in both Korea and America. Personally, I think it's better to pay the taxes here, as they are much lower obviously. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Apr 22, 2007 6:28 pm Post subject: |
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| xCustomx wrote: |
| desperation wrote: |
| sO, since I'm American, and we are tax free up to 75k a year.....I dont pay taxes for it at home and I'm not exempt in Korea either? |
I think someone mentioned that if you declare the tax exempt thing here in Korea then you are obligated to pay taxes in America. I'm not absolutely sure, but I don't think you can be exempt from taxes in both Korea and America. Personally, I think it's better to pay the taxes here, as they are much lower obviously. |
Yes, if you declare the residency at home you are liable for taxation at home but Americans get $80k of foreign income that is tax exempt so in effect they are tax free in both counties for 2 years. |
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oskinny1
Joined: 10 Nov 2006
Location: Right behind you!
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| Posted: Sun Apr 22, 2007 11:09 pm Post subject: |
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| I have been at my school for 7 months and they just started to take out taxes. I have not done the declaration thing though, is it too late? |
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desperation
Joined: 17 Apr 2007
Location: Those who know, won't say and those who say, don't know. Welcome to Dave's !
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| Posted: Tue Apr 24, 2007 3:06 pm Post subject: |
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| So how do I "declare residency at home". Do tell ! |
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