Korean Job Discussion Forums

[Weigookin74]

Asking because another foreigner said his accountant said this will happen next year. Of course, it's just a rumor at this point. Hope it's not true. If I wanted to pay Canadian style taxes and have a more expensive cost of living, I'd live in Canada where things actually make sense. Up till now, the lower taxation and cheaper living cost made this country worth the other BS you have to endure. Anyways, hope it's just a farce. Just posting to see if the rest of you have heard this at all?

[Weigookin74]

Of course, it's hard to find things online in English. So far, this is all I could find. It does seem we pay a bit more than before.

http://www.korea4expats.com/article-income-taxes.html

(We use to get a 30% deduction and haven't for a while. Though I had heard this.)

[Stan Rogers]

It wouldn't surprise me. Taxes have been slowly rising over the past few years and many deductions eliminated. ETs don't see it as much as people in higher tax brackets but the trend is certainly there. Ask a person legally making 70 million won a year how things have changed over the last few years. They will tell you.

[Bongotruck]

The only benefit I can see from tax here seems to be shoveling money to the few people who are still having kids. I seriously wonder where Korea's tax revenue is going.

On a lighter note, I got back all of the tax deducted from my cheques last year save the residence tax.

[Weigookin74]

[Coltronator]

Yeah got no problem with this. My Taxes (& Tax like payroll deductions for Health and Pension) amount to 9% per year. Only 4% or so is actual tax. If my taxes for someone making 40k a year go up to 8% I congratulate Korea on their sensible and responsible solution to their budget problems so taht they can continue to provide Free lunches to all Elementary school students & 90% subsidized Daycare until age 8 and a national health program that covers 50% and regulations that keep costs to 10% of America's (For a total of 5% the cost of U.S.)

It was either that or get rid of either the Lunches or Daycare and then which ever party pushed for that would face hell come election time. This not only the best thing to be proposed but also the one people would gripe about the least.

Add in that someone in the 40-60k bracket actually only has a 50% Tax increase (so 4% to 6%). Lower is affected even less (or not at all in some proposals) and well it gets my blessing for being one of the most progressive actions by an OECD nation in the last 5 years.

[jvalmer]

[Coltronator]

Most jurisdictions. Gyeongsam Buk/Nam, Gyeonggi, Seoul, Busan, Ulsan, Daegu.

The only ones who don't are a few DUP controlled MOEs (not all because it makes parents angry and they don't want bad press or think it isn;t a giid idea) make their own choices on how to meet their budget shortfalls. So they eliminate it.

[jvalmer]

[Weigookin74]

[jvalmer]

6%, 15%, 24%, 35%, 38%

It maxes out at around 40%.

Most of us will be in that 6% to 15% bracket of the amount we earn above 10-ish million won. Hardly that high.

[Stan Rogers]

[quote="Weigookin74.[/quote]

Do governments need to provide school lunches for everyone who isn't poor? [/quote]

I say everyone should get the free stuff or nobody should get it. Tax payers should be first on the list to get 'free' stuff because they are paying for it.

[Weigookin74]

[wooden nickels]

There's no such thing as a free lunch. Someone has to pay for it. Example: me, the tax payer. If you can't afford to feed your kids, don't have them.

[jvalmer]