Korea

The Republic of Korea – commonly known as South Korea – emerged after the Second World War in the southern part of the Korean Peninsula. It is made up of nine provinces, with its official language as Korean, its currency the won (KRW), and Seoul as its capital city.

South Korea is a major player in maritime and aviation logistics as it holds a key location between China and Japan. It connects the Asia-Pacific region along with the Americas and Eurasia.

South Korea has seen exponential growth since the ‘60s, cementing its place as an industrialised, high-tech economy. It’s in the top ten in the world when it comes to economy size, with its early success attributed to a system of close business and government ties. The Government implemented a series of reforms after the global economic crisis to further shore up Korea’s solid economic basis.

Dissemination of ICT in South Korea is first class on the world stage, with its successful commercialisation of the world’s first 5G network in 2019. And it has enjoyed a rapid economic recovery – with a growth rate of 4% – after the initial ill effects of the Covid-19 pandemic.

Our local Tax Natives in South Korea can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we can link you with a local expert who can answer all your questions. 

THE HEADLINES

• The corporate income tax rate for South Korea is 25%
• The rate of personal income tax in South Korea is 45%
• The standard VAT rate is 10%