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:
GPG

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

 

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