Taxes

• Taxation in Korea involves both national and local taxes. Taxes on purchases (e.g., Value Added Tax or Acquisition Tax) must usually be paid at the time of purchase. Other ongoing taxes are billed periodically to the taxpayer and must be paid by certain dates.
• National Taxes : National Tax Administration

Local Taxes

• Acquisition Tax(Chwideukse) :
  Acquisition Tax is charged when people purchase real estate (land, buildings), vehicles, heavy machinery, timber, airplanes, and memberships for golf clubs or condominiums.
• Registration Tax(Deungnokse) :
  A Registration Tax is charged to people when they register the acquisition, disposal, transfer, or change of property or other rights.
• Property Tax(Jaesanse) :
  Taxes are charged for the possession or transfer of property (assessed each May 1st and paid June 16-30).
• Inhabitant Tax(Juminse) :
  Inhabitant Tax is the characteristics of membership fee of autonomous district's personnel organization. With the joining the self-governing administration of local autonomous district, therefore according to the rule that sharing the cost needed for that. This is the tax has the most characteristic tax as local tax.
• Automobile Tax(Jadongchase) :
  The Automobile Tax is charged to registered automobile owners (calculated June 1st and paid twice a year: June 16-30, December 16-31).
  An education tax (30% of the automobile tax) is included with the tax.
• License Tax(Myeonheose) :
  The License Tax is imposed when receiving various licenses (calculate June 1st and paid June 16-30).
  Besides, there are traveling tax, agricultural income tax, leisure tax, butchery tax, cigarette consumption tax, urban planning tax, local development tax, public facility tax, local education tax, business office tax, etc.
• Customs / Import Duties :
  Customs duties are imposed on goods passing through the bonded area. Depending on the characteristics of goods to be taxed on, they are divided into export duties on goods to be exported and import duties on goods to be imported. Korea imposes import duties only.