income tax Archives | Be Korea-savvy
S. Korea’s Income Tax Rate Highest among OECD Countries: Report

S. Korea’s Income Tax Rate Highest among OECD Countries: Report

SEOUL, Nov. 14 (Korea Bizwire) – South Korea’s highest income tax rate for high-income earners is already higher than the average of OECD states, a report said Monday, opposing a move by opposition lawmakers to further raise the rate for the highest income earners.  The report from the Korea Economic Research Institute (KERI) noted the [...]

Household Tax Burden Outpaces Income Gains in 2014

Household Tax Burden Outpaces Income Gains in 2014

SEOUL, Feb. 9 (Korea Bizwire) — The tax burden for ordinary households in South Korea outpaced income gains in the first three quarters of 2014 by nearly double, official data showed Monday. According to figures provided by Statistics Korea, average income for a two-person household stood at 4,314,334 won (US$3,928.9) in the January-September period, up [...]