SEOUL, Jan. 18 (Korea Bizwire) — The number of foreign workers filing taxes in South Korea for 2021 income fell 7.3 percent from a year earlier, data showed Wednesday, amid the restricted travel following the COVID-19 pandemic.
A total of 505,000 foreign workers filed a year-end tax settlement for their 2021 income, down from 545,000 tallied in the previous year, according to the data compiled by the National Tax Service (NTS).
The combined amount of tax reported to the tax agency for 2021 earnings by foreign workers, however, came to 1.08 trillion won (US$873 million), up 12.2 percent on-year.
By country, Chinese nationals accounted for 37.5 percent of the foreigners who filed a year-end tax settlement for their 2021 income, followed by those from Vietnam and Nepal with 8.1 percent and 5.5 percent, respectively.
In terms of the amount of taxes paid by foreigners, U.S. nationals accounted for 38.5 percent of the total volume, followed by Chinese and Japanese with 12.4 percent and 6.9 percent, respectively.
The NTS, meanwhile, said it has uploaded a video guide to a year-end tax settlement with English, Chinese and Vietnamese subtitles on its YouTube channel as well as the website to offer help to foreigners filing taxes.
Foreign workers in South Korea need to settle year-end taxes as domestic workers ahead of the date on which wages for February are paid, the NTS added.