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naimah116
Joined: 03 Feb 2007
Location: Chicago
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 Posted: Tue Apr 29, 2008 1:07 am Post subject: Taxing Severance |
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A good friend is leaving Korea at the end of the week. As they have done with other people, they are trying to tax her severance. Friends at other schools have told me that severance is "free money" and is not taxed by the Korean government, meaning that our employer is skimming. Is this right? Does anybody know if severance should be taxed? If not, please forward any websites citing the policy.
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Apr 29, 2008 2:11 am Post subject: Re: Taxing Severance |
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| naimah116 wrote: |
A good friend is leaving Korea at the end of the week. As they have done with other people, they are trying to tax her severance. Friends at other schools have told me that severance is "free money" and is not taxed by the Korean government, meaning that our employer is skimming. Is this right? Does anybody know if severance should be taxed? If not, please forward any websites citing the policy.
Thanks. |
Yes, it is taxable...
national tax service: http://www.nts.go.kr/eng/
If you want a definitive answer (or at least as definitive as you will get in Korea) then the foreigner taxpayer advocate service:
http://www.nts.go.kr/eng/help/help_21.asp?top_code=H001&sub_code=HS02&ssub_code=HSB1
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