Year End Tax Settlement

This tax settlement process is functionally the same as filing income tax returns in most other countries. You might also see it referred to as the Year-end Tax Adjustment (YETA). The resulting document of this process is the Receipt for Wage & Salary Income Tax Withholding (Statement on Wage & Salary Income Payment) - 근로소득 원천징수영수증 (근로소득 지급 명세서). For simplicity, we'll call it the YETS document (YETA document in older emails). 

If you are tax exempt, the following will not apply to you.

More information about this process, search the National Tax Service website for "Easy Guide for Foreigners Year-end Tax Settlement" or call 1588-0560

From December through mid January, you should gather any tax-related forms and statements for the calendar year and submit them to our team. These include:

• medical insurance premium payments

• national pension payments

• medical expenses

• check/debit card expenditures

• cash expenditures

• child-care related expenses

• donations

• receipts for any education-related expenses incurred during the tax year while actively employed, including tuition and student loan repayment

• housing contract, if you paid rent

• bank transfer histories for each tax credit category, where applicable; rent payments for rent credit, overseas remittance for tuition payments, etc.)

Many of these tax forms and statements can be easily produced with a few clicks via the Hometax website. They are generally available mid-to-late January. A guide to getting these auto-generated reports can be found in the files below.

The YETS document will be produced by our Finance team starting mid-February with about 3 weeks of lead time. This document is only available in Korean but it contains all the necessary information you need to file your home country taxes. You may also request a simplified earnings statement in English.