2022 Year-end Settlement Tip for Foreigners

Foreign workers who have income in Korea should file their year-end tax settlements for 2022 before February’s salary is paid.

Foreign employees are required to settle their year-end taxes by submitting required documents to their employers by National Tax Service(NTS)’ guideline.

Through the settlement, NTS determines whether you owe more taxes or qualify for reimbursement of income taxes paid over the past year.

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

The NTS provides an English hotline, manual and video guide on its YouTube channel to assist foreigners :

• Tel (English): 1588-0560, AM 9 - PM 6 (Lunch break 11:30-13:00)

• Internet: https://www.nts.go.kr/english/main.do → Help Desk → Q&A

• Easy Guide Brochure (English, Chinese, Vietnamese): https://www.nts.go.kr/english/main.do → Resources > Publication > Easy Guide for Foreigners Year-end Tax Settlement 2022

• YouTube (English, Chinese, Vietnamese): www.youtube.com/use/ntskorea

#YearEndSettlement #YearEndTaxAdjustment #TaxInKorea #TaxServiceGuideline #BusinessKorea