Internal taxes which are in force at present consist of 6 direct and 7 indirect taxes. Acquisition Tax, Registration Tax, Inhabitant Tax, Automobile Tax, Farmland Tax, Tobacco Consumption Tax, Butchery Tax, Race Tax, City Planning Tax, Community Facility Tax, Regional Development Tax. Workshop Tax 2. Major Taxes among Present Tax System Corporate Tax A Corporation having its head office or its main office in Korea is liable to corporation tax applicable to the income of each business year. Rates for Corporate Tax is calculated in a two-tier progressive method.
Foreign corporations pay on income of domestic origin only.
Income Tax Income tax is levied on individuals, not companies or organizations. An individual is taxed either as a resident or as a non-resident. A resident is an individual who either has a permanent Korean address or who has resided in Korea for over a year. Residents are taxed on income from both domestic and foreign sources. For non-residents, tax is levied on income of domestic origin.