The National Tax Service estimated Monday that the number of non-Korean taxpayers would surpass 500,000 in 2012, up from 465,000 in 2011 and 403,000 in 2010.
The NTS released the figure as it is preparing for the year-end tax settlement.
Responding to the growing population of foreign workers here, the NTS unveiled a set of guidelines for foreigners who are to file for the year-end tax settlement.
Foreign residents are to submit their tax forms on the same schedule as Korean nationals, but their tax treatments may differ partially.
Foreigners are entitled to a flat taxation rate of 15 percent and are excluded from deductions for housing funds and home purchase savings, as well as for medical and educational expenses. Teachers and engineers who meet the corresponding requirements may be exempt from tax for a certain period.
All applicants have to submit their final return documents to their employer from Jan. 25 to Feb. 10 and collect a withholding tax receipt by the end of February. The final tax refund is to take place by the end of March.
For those who are not acquainted with the tax system, the NTS provides special services including the English version of the Easy Guide and an automated calculation program. Free consultation in English is also available at district tax offices.
For further information, visit the NTS English website (http://www.nts.go.kr/eng) or the Simplified Year-end Tax Settlement website (http://www.yesone.go.kr).
Tele-consultation service is available at 1588-0560.
By Bae Hyun-jung (
tellme@heraldcorp.com)
