Currently, foreigners for the purpose of personal income tax, have the option to choose between the flat tax rate of 15 % and progressive rates of tax from 6% to 38%. However, the effective rate also attracts a local surcharge of 10% on income tax levied under either flat rate or on progressive rates, depending on method applicable (opted) by the taxpayer.
This flat rate of 15% is expected to increase to 17%, after the above proposal receives an approval from the Korean parliament in December.
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