Regardless of the length of stay or the amount of income, foreign employees with income generated in Korea should settle their payable taxes by February 28, 2019.
- If the total amount of taxes withheld every month is more than the settled year-end taxes, the overpaid taxes are refunded.
- On the other hand, if the total amount of taxes withheld every month is less than the settled year-end taxes, taxpayers are required to pay the underpaid taxes. It is highly recommended for taxpayers to pay the underpaid taxes since failure to fulfill their tax liability could lead to surtax or other types of penalty.
You can use the Year-end Tax Settlement Service (www.hometax.go.kr→조회→발급→연말정산 간소화).