Year-end tax settlement service available in English

The National Tax Service said Thursday it has updated its English website (www.nts.go.kr/eng), putting out the latest version of its tax guide written in English for foreign residents in Korea.

The number of foreign residents filing the year-end tax settlement is expected to reach 403,000 this year, up from 344,000 last year.

Foreign residents, as with Korean nationals, are required to submit their tax forms on a yearly basis, and the NTS website provides all the necessary information in English with details revised to meet the 2011 requirements.

As foreign workers here are entitled to a special tax treatment including a 15 percent flat taxation rate, and income tax reduction rules for foreign engineers are different, the NTS said foreign residents should check out important details before filing the tax settlement.

The Easy Guide, available in a PDF format on the website, outlines key facts that foreign residents should take note when they prepare the year-end tax settlement.

The website also features automatic tax calculation service and a comprehensive tax guide in English. The NTS said foreign residents can call a hotline at 1588-0560 to inquire about specific tax-related issues in English.

By Yang Sung-jin (insight@heraldcorp.com)