Comprehensive Income Tax Filing (May): Who Qualifies and What You Get
Freelancers in South Korea can claim tax refunds in May if they overpaid withholding tax during the previous year.
This scheme allows freelancers to file their annual income tax returns during the month of May to ensure they have paid the correct amount of tax.
Who it's for
This is for all freelancers who earn income through their professional services.
What you get
If the withholding tax deducted from your earnings throughout the year was more than what you actually owe, you are eligible to receive a tax refund.
What it costs you
To complete this process, you will need an active Hometax account. You must also gather and provide documentation that proves your professional business expenses.
The catch to know
It is vital to complete your filing within the month of May. If you miss this deadline, you will face heavy late penalties.
How to apply
- Log in to your account on the official Hometax portal.
- Gather all receipts and proof of your business expenses.
- Follow the guided filing process for your income type.
- Submit your declaration before the May deadline.