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Year-end tax return guide for foreigners published

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The National Tax Service (NTS) published a year-end tax settlement guide for foreigners residing in Korea.

The tax agency said on Tuesday (Dec. 20) that it has published the “Easy Guide for Foreigners' Year-end Tax Settlement” to improve the expediency of foreigners' filing of income tax return reports with the tax authority.

The guidebook contains frequently asked questions on non-residents' year-end tax settlement benefits and procedures.

The booklet will be distributed in foreign embassies in Korea, foreign chambers of commerce in Korea.

Foreigners interested in the tax return benefits can also visit (www.nts.go.kr/eng) and click on the “Tax Guide” menu to download the electronic version of the updated taxation guidebook.

In addition, non-residents can also have a self-check on how much tax return they could collect by using the Automatic Calculation Service for Year-end Tax Settlement menu on the Web site.

For those who are unfriendly with the Internet, the NTS is also providing phone consultation service. For more information, call the NTS at 02) 397-1440 or dial 02) 2076-5711 to contact the NTS' foreigner exclusive taxation help line.

Under the revised taxation system, foreign employees and executives can choose between having 17 percent flat tax rate on their salaries or have 30 percent of their income tax exempt.

The source of news : Korea.net  December 20, 2005