Korean Job Discussion Forums

[Blanca]

Hi everybody, I'm currently in the process of amending a (surprisingly well-written) contract for a job I've just taken. However, during the process of working out tax, something occurred to me.

I know that for a salary of say, 2.1 million, the tax is 1.1% (as worked out using the NTS website). However, something about a "residence tax" has popped up - can anyone shed any light on what this might be, if indeed it is legit?

Also, last time I was in Korea I paid taxes for the 19 months I was there (well, if I was lucky if I did at the last place...) without realising that, as a Brit, I am tax exempt for my first two years. Will it be possible to reclaim what I've already paid? Also how would I go about getting exemption from my first 5 months at the new job (taking me up to 2 total years worked)?

[ttompatz]

residence tax is 10% of your tax on top of your tax.

Probably no to the tax refund.

The tax exemption is NOT for everyone.
The tax break is ONLY FOR those working in public schools or publicly funded universities.
It is ONLY for the first 2 years in Korea.
You must file your proof of UK residence forms before you can qualify for the tax exemption

You can't get it if you worked at a hagwon.
You can't get it if you didn't file your UK residence forms with your employer.

.

[Blanca]

Thanks for the help Ttompatz. So just to confirm, on an income tax rate of 1.1%, I would pay in the region of 1.2% as the total tax rate?

[schwa]