Korean Job Discussion Forums

[Real Reality]

According to the revised law, the income tax rate will drop to 8 percent from the current 9 percent next year for people earning less than 10 million won ($9,500) a year, while those whose income lies between 10 and 40 million won are expected to pay an income tax rate of 17 percent.

People whose annual income ranges from 40 to 80 million won will be subject to an income tax rate of 26 percent in 2005, down from the current 27 percent, while those earning over 80 million won will pay 35 percent of their annual income as income tax.

The committee also decided to lower the corporate income tax by two percentage points to 13 percent next year for companies with annual net profit of less than 100 million won, while companies with over 100 million won in annual profit will pay 25 percent in corporate income tax, down two percentage points from this year's 27 percent.
Salaried Persons to Save W1 Tril. in Income Tax
By Lee Hyo-sik, Korea Times (December 23, 2004)
http://times.hankooki.com/lpage/biz/200412/kt2004122317132811870.htm

[thorin]

This reminds me of last year when our director would pass out a memo and everyone would get outraged, confused, happy, pissed off, sad, whatever until we managed to translate it from Konglish to English and figure out that it meant absolutely nothing.

It doesn't say it so clearly, but I guess every tax bracket gets a 1% cut, right?

Of course, if you have been here less than two years (most of you), you should be paying no income tax at all.