TAXATION

Tax Consultation and Compliance Support in Korea

J&J Korea are your dedicated partner for comprehensive taxation services in South Korea. We specialize in advising foreign-invested companies and multinational groups entering the Korean market. Our team provides guidance on cross-border withholding taxes, transfer pricing compliance, expatriate payroll, foreign exchange reporting, and e-invoicing obligations—ensuring your Korean operations are fully aligned with both local law and international standards.

Our End-to-End Taxation Services in South Korea

Corporate Income Tax (CIT) Compliance Support

We assist your company throughout the corporate tax compliance process — from organizing financial data to reviewing key tax items such as deductions and credits. Our team ensures your tax documents are accurate, compliant with NTS standards, and ready for timely submission.

Value Added Tax (VAT) Management

The Korean VAT system is a key part of local business operations. We assist your company with VAT registration, preparation of transaction records, and review of VAT data to ensure compliance with Korean tax regulations. Our team helps you stay organized and ready for smooth, on-time VAT reporting through the NTS system, helping minimize potential VAT risks.

International Taxation

For international businesses, understanding cross-border tax implications is crucial. We provide practical guidance on withholding tax documentation, permanent establishment (PE) assessment, transfer pricing considerations, and double taxation treaty applications. Our approach helps your company maintain tax efficiency and compliance in both Korea and overseas jurisdictions.

Tax Advisory and Planning

Beyond compliance, we offer strategic tax advisory to help optimize your business operations from a tax perspective. We identify opportunities for efficiency and savings, support tax-efficient business structuring, and provide guidance during mergers, acquisitions, or business restructuring. Our proactive planning helps you make informed decisions aligned with your long-term goals.

Why We Are Your Dependable Tax Experts

Expertise in South Korean Tax Environment

Our team has extensive experience working with South Korean tax regulations, staying up to date with legislative changes and international tax developments. We focus on helping businesses understand and navigate Korea’s taxation landscape effectively.

Tailored Solutions

We deliver practical guidance that aligns your Korea-related compliance process with your global business structure. Our approach helps ensure that your operations in South Korea remain efficient and consistent with your overall tax and business strategy.

Communication and Support

We believe in transparent and continuous communication. Our team keeps you informed about compliance requirements, deadlines, and regulatory updates. We are always available to answer your questions and provide timely support, ensuring you have peace of mind throughout your business operations in South Korea.

Our Approach to Your Taxation Needs

1. Initial Assessment: We begin with a thorough review of your business operations, current financial position, and compliance requirements in Korea.

2. Strategic Planning: Based on the assessment, we design a practical tax and business compliance plan aligned with your goals and growth strategy.

3. Execution & Compliance: We assist in preparing and organizing the required documentation to ensure smooth and timely submission to the relevant authorities, covering all aspects of Korean VAT and corporate tax compliance.

4. Ongoing Support & Review: We continuously monitor regulatory changes and provide proactive guidance so your compliance strategy remains effective as your business evolves.

Frequently Asked Questions

What types of taxation services does J&J Korea offer businesses?

J&J Korea provides comprehensive tax compliance support services to help businesses navigate South Korea’s complex tax landscape. Our services include guidance on corporate tax calculation and reporting, Value-Added Tax (VAT) review and coordination, and clarification of deductible and non-deductible expenses. We also offer advisory insights on local tax practices and compliance timelines, ensuring that your business meets Korean tax requirements with confidence.

Can J&J Korea help my business prepare for a tax audit?

Yes. J&J Korea supports businesses in preparing documentation and internal reviews before a tax audit. We help identify key focus areas, explain how audits are conducted in Korea, and guide you on how to present your tax records clearly and accurately.

Are taxes deducted from employee bonuses in South Korea?

Yes. Bonuses are considered earned income and are subject to income tax, just like regular wages. They are typically taxed together with monthly payroll, which can make the net bonus appear smaller than the gross amount.

Are holiday gifts taxable in South Korea?

Yes. Under Korean tax law, cash-equivalent holiday gifts are generally treated as taxable earned income. However, small non-cash items of nominal value may be exempt depending on their nature and frequency.

What is the corporate tax schedule in South Korea?

Corporate Income Tax (CIT) reporting is based on each company’s fiscal year. Generally, the annual tax return must be submitted within three months after the fiscal year-end (e.g., by March 31 for December-closing companies). In addition, an interim payment is required within two months of the first six-month period of the fiscal year.

What documents are required for corporate tax reporting in South Korea?

When preparing corporate tax documentation, companies are required to have financial statements, a corporate tax base computation, and supporting schedules such as depreciation, adjustments, and related-party transaction summaries. Our team helps you review and organize these materials to ensure they are accurate and ready for submission through your licensed tax agent.

Is there an online platform for filing corporate tax returns in South Korea?

Yes. The National Tax Service (NTS) operates the Hometax system, which allows businesses to submit their corporate tax information electronically. While only licensed tax agents can complete filings on behalf of companies, J&J Korea can assist you in reviewing your data and ensuring all information is correctly prepared before submission.

How does J&J Korea help with taxation in South Korea?

We provide practical guidance throughout your compliance cycle — from reviewing financial data and transaction records to preparing tax documentation and schedules. Our team helps ensure your business remains organized, compliant, and up to date with Korean tax regulations.

Does J&J Korea provide support for international tax and cross-border operations?

Yes. We help foreign companies manage their Korean tax compliance in connection with cross-border transactions, transfer pricing documentation, and treaty-related matters. Our professionals ensure that your Korean subsidiary or branch operations remain compliant within your global tax structure.