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South Korea to Hike Tax Rate for Foreigner Workers
The Korean government has declared a plan to hike the flat rate of tax for foreigners by two percent which may affect expatriate workers and companies in South Korea.
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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