Understanding Year-End Tax Settlement for Foreign Workers in Korea

If you're working in South Korea and earning income, it's importanYear-End Tax Settlementt to understand how to file your year-end tax settlement for 2021. This process ensures that you've paid the correct amount of taxes, and it might even result in a tax refund.

Foreign employees are required to settle their year-end taxes by submitting the necessary documents to their employers, according to the guidelines provided by the National Tax Service (NTS). The NTS uses this information to determine if you owe additional taxes or are eligible for a refund of the income taxes paid during the past year.

From the year 2021, foreign workers are also eligible for tax credits for mortgage payments and monthly rent under the revised taxation rules.

Where to Get Help?

The NTS provides helpful resources to guide foreign workers through this process:

• English Hotline: 1588-0560 (Operating hours: 9:00 AM – 6:00 PM, lunch break from 11:30 AM – 1:00 PM)

  
  

• Online Q&A Portal: Visit NTS English Website → Help Desk → Q&A

  
  

• Easy Guide Brochure (Available in English, Chinese, and Vietnamese): Go to Resources → Publications → 2021 Easy Guide for Foreigners’ Year-End Tax Settlement

  
  

• Video Tutorials: Available on the NTS Korea YouTube Channel

  
  

Conclusion

Filing your year-end tax settlement doesn’t have to be stressful. By meeting the deadlines and submitting the right documents, you can ensure a smooth tax process. Don’t forget to use the resources available to help you along the way. With the right preparation, you might even receive a nice tax refund.