Filing of 2018
annual individual income tax return is coming due on May 31, 2019 together with
necessary tax payments.
regardless of their nationalities, are subject to Korean income tax based on
worldwide income including global income (employment income, business profits,
dividend, pension, interest, rental, and other income), severance pay and capital
gains. However, under the revised
Individual Income Tax Law (IITL), in the case where the period that a
foreigner, who is a tax resident of Korea, has his/her address or abode in
Korea does not exceed 5 years in aggregate during the past 10 years from the
end of the concerned tax year, his/her foreign source income earned from
January 1, 2009 shall be taxed in Korea only if such income is paid in Korea or
such income is remitted into Korea.
making monthly tax payments and having only one source of worldwide income
(i.e., either Class A or Class B earned income) are generally not required to
file a global income tax return since the employer (for Class A income earners)
or the Class B taxpayers' association (for Class B income earners) finalizes
the individual's tax liability at the end of the year. Taxpayers having more
than one source of income, however, are required to file a global income tax
return for the year and pay taxes due on such income on or before May 31 of the
following year, or prior to permanently leaving Korea.