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The employer as a tax withholding agent must perform the year-end settlement of exact payroll withholding taxes for and on behalf of its employees in February of the following year after each year end as required by the Individual Income Tax Law (IITL) of Korea.
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- Expansion of the child tax credit amount (IITL, Article 59-2)
Effective Date: Applies to income earned in tax year that includes January 1, 2025 and after.
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Increase in max limit of maternity leave pay provided by the Korean Labor Welfare Corporation
The Ministry of Employment and Labor (MOEL) announced that effective from January 1, 2026, the maximum limit of maternity leave pay provided by the government will be......
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