Year-end Tax Settlement: Who Qualifies and What You Get
Learn how to claim a refund for overpaid income tax based on your annual spending and expenses.
The Year-end Tax Settlement is a process that allows you to potentially receive a refund for income tax that you may have overpaid throughout the year.
Who it's for
This scheme is available to all employed workers living in South Korea.
What you get
You can receive a refund of income tax if the amount you paid during the year is higher than what you actually owe based on your total annual spending and eligible expenses.
What it costs you
To claim your refund, you must spend time gathering and organizing your financial records. You will need to collect various receipts and documentation related to your medical expenses, education costs, and credit card spending.
The catch to know
The most common mistake is missing the specific deadline for submitting your required documents through the official portal. If you miss this window, you may lose the opportunity to claim your refund for that period.
How to apply
- Gather all relevant receipts for medical, educational, and credit card spending.
- Log in to the official tax portal.
- Submit your documentation through the system.
- Follow the instructions on the portal to complete your filing.