South Korea accounting and tax considerations

Tetra Consultants provides South Korea accounting and tax service. It is important for our international clients to stay compliant with South Korea accounting and tax regulations. Our accounting team will assist with your business’ annual returns, financial statements, tax compliance and bookkeeping.

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South Korea accounting and tax services

Many clients choose to outsource their South Korea accounting and tax obligations to Tetra Consultants after South Korea company registration. Tetra Consultants will timely complete your firm’s financial statements, corporate tax returns and manage auditors on your behalf and without the need to travel.

By outsourcing accounting and tax obligations to Tetra Consultants, you can reduce overhead costs while being ensured of timely reporting and filings. Our accounting team will explain to our clients all required deadlines and expectations before the start of the engagement.

Thereafter, our team will prepare the required fillings in advance to ensure we meet all stipulated deadlines. Tetra Consultants will send a weekly or bi-weekly update to you, ensuring all parties are aware of upcoming deadlines.

Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.

According to South Korea National Tax Service,

  • Businesses in South Korea are subject to a corporate income tax rate of 10% for the first 200 million won of income. Thereafter, the corporate tax rate increases to 20%.
  • All South Korean businesses are required to register for Value Added Tax (VAT) within 20 days before the start of business. The standard VAT rate is 10% in South Korea.
  • You are required to file VAT every quarter, regardless whether the company is dormant. In addition, you are required to file annual tax return as per South Korean company law.
  • If your business owns more than US$1,000,000 of assets, you are required to carry out annual audits, conducted by an external auditing firm.

Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.

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