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Corporate tax
Imposed on:
- Income earned in each business year
- Income earned in each business year = Net profit＋ Gross revenue - Gross loss＋ Excessive Donation Carried Over
- Corporate tax concerning liquidation income
- At the time of dissolution: When the amount of remaining assets exceeds the total amount of equity capital (Paid-in capital + Surplus)
- At the time of merger: When the total value of stocks received as a result of merger plus the money delivered due to merger exceeds Total amount of equity capital
Obligation to pay tax
- A Korean corporation that has its headquarters or the main office in Korea (including a foreigner-invested corporation): Is obligated to pay tax concerning all incomes originating both in and out of the country
- A foreign corporation that has its headquarters or the main office in a foreign country: Is obligated to pay tax concerning only incomes originating in Korea under relevant laws.
- A non-profit corporation: Is obligated to pay tax only for certain profit-occurring business and capital gains concerning real estate under the Corporate Tax Act.
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