Korea income tax law for 2024 Korea Income Tax Rates for 2024

Korea Income Tax Brackets

Tax Bracket (yearly earnings) Tax Rate (%)
₩0 - ₩12,000,000 6.00%
₩12,000,000 - ₩46,000,000 15.00%
₩46,000,000 - ₩8,800,000 24.00%
₩8,800,000 and up 35.00%

Korea has a bracketed income tax system with four income tax brackets, ranging from a low of 6.00% for those earning under ₩12,000,000 to a high of 35.00% for those earning more then ₩8,800,000 a year.

How does the Korea Income Tax compare to the rest of the world?

Out of the thirty four countries tracked, eighteen have a higher maximum income tax rate then Korea. Countries with similar tax brackets include New Zealand with a maximum tax bracket of 35.50%, Hungary with a maximum tax bracket of 36.00% and Luxembourg with a maximum tax bracket of 38.00%. Keep in mind that our ranking measures only nationwide income taxes, and does not account for local income taxes at state, province, or municipal levels.

Korea Income Taxes
Maximum Income Tax Income Tax Allowance World Tax Rank
35.00% ₩1,500,000 ($0 USD) 19th of 34

What is the Korea Income Tax?

Korea's personal income tax is a bracketed income tax that must be paid yearly by all citizens to the government of Korea. Failure to pay, or underpayment of, the Korea income tax can result in high fees, fines, or jail time.

In addition to Korea's income tax, other taxes may apply to wages or profits earned, including social services, medical care, and capital gains taxes.

Korea Income Tax Allowance

Korea provides most taxpayers with an income tax allowance of ₩1,500,000, which can be kept as a tax-free personal allowance. Korea's tax credit is a basic (fixed) allowance available to all (single) taxpayers without dependents.

A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. Generally, a tax credit is subtracted from your gross income before your taxable income is calculated.

<< Back to World Taxes homepage