When it comes to May, there are two things you must not forget. Comprehensive income tax report and labor incentive application, today, we will learn about the comprehensive income tax report period, report target, and composite income tax rate. Global income tax is a tax that must be reported and paid directly. If you do not report and pay, additional tax will be incurred. From now on, let’s check everything about comprehensive income tax. 종합소득세 대상자
Check the global income tax reporting period and tax rate for eligible persons 좋은뉴스
What is Global Income Tax?
It is easy to think of the global income tax as taxing the total income. This is a tax levied on total income, including business (real estate rental), labor, interest, dividends, pension, and other income earned during the past year. Taxes must be paid at a tax rate of 6% to 45% for each income category on global income. This is a tax that must be reported and paid by the person himself, rather than being notified by the National Tax Service. are having the most difficulty
Checking the global income tax reporting period and target tax rate – undefined – What is global income tax?
Checking the global income tax reporting period and target tax rate – undefined – What is global income tax?
Checking the global income tax reporting period and target tax rate – undefined – What is global income tax?
Persons subject to global income tax return
Those subject to global income tax reporting are office workers, self-employed persons, individual entrepreneurs, and freelancers who receive income other than monthly wages, as well as 3.3% and 8.8% withholding tax. In the case of wage and salary income, if business income, daily income, earned income, and other income occur together in addition to earned income, they are subject to global income tax reporting.
Classification according to income
Earned Income: Income received from providing work
Business Income: Income from all businesses, such as agriculture, forestry, fishing, transportation, food and beverage, manufacturing, service, and construction
Financial Income: If bonds, securities, deposits, surplus dividends or distributions exceed KRW 20 million per year
Pension Income: If private pension income exceeds KRW 12 million
Other Income: When the annual income exceeds KRW 3 million after deducting 80% of necessary expenses as income such as prize money, bounty money, bounty money, prize money, etc.
Global Income Tax Report Period and Eligible Persons Check the tax rate – undefined – Individuals subject to global income tax
Persons excluded from global income tax reporting
If you fall under any of the following reasons, you do not need to file a global income tax return.
Those who have only earned income and have already completed year-end tax settlement
A person whose income in the previous taxable period is less than KRW 75 million, business income of an insurance solicitor, door-to-door salesperson, or contract delivery salesperson who has no other income and has already completed year-end tax settlement at the affiliated company
Those who have only retirement income and business income subject to year-end tax settlement
If you have only non-taxable or separate taxable income
If you have other income of 3 million won or less per year and want separate taxation
Global Income Tax Report Period and Eligible Persons Check the tax rate – undefined – Individuals subject to global income tax reporting – Individuals excluded from global income tax reporting
Global Income Tax Report Period and Eligible Persons Check the tax rate – undefined – Individuals subject to global income tax reporting – Individuals excluded from global income tax reporting
Global Income Tax Report Period and Eligible Persons Check the tax rate – undefined – Individuals subject to global income tax reporting – Individuals excluded from global income tax reporting
Global Income Tax Report Period
For global income tax returns, the income from January 1 to December 31 of the previous year must be reported and paid from May 1 to May 31 of the current year.
✅ Global income tax regular filing period: May 1st – May 31st
✅ Reporting period for those who submitted the confirmation of sincerity report: May 1st ~ June 30th
If you fail to pay by the due date, you cannot receive various tax deductions or reductions, and depending on the reason, you will have to pay additional tax.
Check the global income tax reporting period and target tax rate – undefined – Global Income Tax Reporting Period
Global Income Tax Rate
Tax base tax rate Progressive deduction
Less than KRW 12 million 6% –
More than KRW 12 million ~ less than KRW 46 million 15% KRW 1,080,000
More than KRW 46 million ~ less than KRW 88 million 24% KRW 5,220,000
More than KRW 88 million ~ less than KRW 150 million 35% KRW 14,900,000
Over KRW 150 million to below KRW 300 million 38% KRW 19,400,000
More than 300 million won ~ less than 500 million won 40% 25,400,000 won
More than KRW 500 million ~ less than KRW 1 billion 42% KRW 35,400,000
Over KRW 1 billion 45% KRW 65,400,000
Global income tax differs in tax rate depending on the tax base amount.
The tax rate calculation method is calculated as the tax base x tax rate – progressive deduction amount. If the tax standard amount is KRW 50 million, the progressive deduction amount of KRW 5,220,000 is deducted after multiplying by 24%, the tax rate for the relevant section.
If you calculate, the comprehensive income tax is calculated as 50,000,000 won x 24% – 5,220,000 = 6,780,000 won.
From 2023, the tax base section has been partially changed, so the tax rate is applied the same, but the standard section has been raised, so the tax reduction effect can be seen.
Existing 2023 change
12 million won or less 14 million won or less
More than 12 million ~ less than 46 million More than 14 million ~ less than 50 million won
More than KRW 46 million ~ less than KRW 88 million More than KRW 50 million ~ less than KRW 88 million
Check the global income tax reporting period and tax rate for eligible persons – undefined – Global Income Tax Rate
Check the global income tax reporting period and tax rate for eligible persons – undefined – Global Income Tax Rate
Check the global income tax reporting period and tax rate for eligible persons – undefined – Global Income Tax Rate
So far, we have looked at the most basic details, such as the tax rate to be reported and the global income tax reporting period.