Income tax on rent, worked example, in South Korea
Taxation Researcher | July 11, 2016
| Non-resident couple´s rental income1 | |||
| Monthly Rental Income2 | 1,500 | 6,000 | 12,000 |
| Annual Rental Income | 18,000 | 72,000 | 144,000 |
| Less: Expenses | - | - | - |
| = Taxable Income | 18,000 | 72,000 | 144,000 |
| Income Tax | |||
| Flat rate | - | - | - |
| Annual Income Tax Due | - | - | - |
| Tax Due as % of Gross Income | 0.00% | 0.00% | 0.00% |
Source: |
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Notes
1 The property is jointly owned by husband and wife, but then taxed separately (50% upon each partner).
2 Exchange rate used: 1.00 US$ = 1,110.00 KRW