SEOUL, May 16 (Korea Bizwire) – The number of foreigners residing in South Korea has been rising at a fast clip over the past decade, with their tax payments rising more than fourfold, government data showed Tuesday.
Foreign residents in the country numbered 1.89 million in 2015, 2.5 times the 747,000 recorded 10 years earlier, according to the data by the Justice Ministry. The figure accounted for 3.7 percent of South Korea’s population of 51.43 million as of end-2015.
The number increased further to 2.05 million last year, surpassing the 2 million mark for the first time.
With the rise in the number of foreigners here and their economic activity, their tax payments have also surged over the 10-year period. Foreign residents’ income tax payments more than quadrupled to 694.7 billion won (US$621.9 million) during the period, according to data by the National Tax Service.
Foreigners working in South Korea paid an average income tax of 1.28 million won in 2015, roughly 80 percent of the tax paid by South Koreans.