The Korea money calendar

The rate announced the previous August applies from this date. It sets the hourly floor and, through it, the weekly holiday allowance.

Hometax publishes the deduction data your employer needs. What the service does not hold — overseas tuition, some medical, donations — you collect yourself.

Covers July through December. Simplified taxpayers file once a year and this is that filing, even when no VAT is payable.

Filing late is penalised on its own, separately from the tax

Pay the full year up front instead of in two instalments and a discount applies. The statutory formula applies a 5% rate to the tax covering the rest of the year — which for a January payment works out at roughly 4.58% off the annual bill, not a flat 5%.

January is the largest discount, not the only window: March, June and September also allow annual payment, each discounting less because less of the year is left

Over-withheld tax is refunded, under-withheld tax is collected. February pay is the most volatile of the year, and it is not an error.

Due within three months of the fiscal year end, which for most Korean companies means a December close and a March deadline.

Corporations file quarterly. Individual businesses are usually issued a notice to pay instead of filing.

Last year’s premiums are reconciled against your actual income and the difference appears in April pay. A raise last year means a bill this month.

The deadline foreign freelancers miss most. If you were paid with 3.3% withheld, this filing is how you reclaim the over-withholding — it is not automatic.

No filing means no refund, and penalties on top if tax was owed

Ten percent of the income tax above, filed separately to the local authority. Same deadline, different system, easy to forget.

Whoever owns the property on this one day owes the full year of property tax. Closing a sale on 31 May and on 2 June are different decisions.

Covers January through June. Skipped if you prepaid in January.

Covers January through June, for taxpayers on the standard regime.

Filing late is penalised on its own, separately from the tax

Buildings are billed in full now. Housing splits across July and September when the bill is large enough, and is billed once in July when it is not.

The figure that takes effect on 1 January is published now, which is when payroll budgeting for the following year actually starts.

Land is billed in full now, alongside the second half of any split housing bill.

The second of the two quarterly filings for corporations.

Roughly half of last year’s income tax, charged in advance against next May’s return and covering the January–June period. For most people the National Tax Service calculates it and issues a notice in early November, so there is nothing to file — only to pay by the 30th.

If your first-half income came in well below last year’s, certain cases allow you to file an estimate instead of paying the notice

A national tax on holdings above the threshold, charged on top of the local property tax already paid in July and September.

Covers July through December, and closes the vehicle tax year.