Tax compliance & statutory reporting services
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Tax compliance
- Annual national corporate income tax return preparation and e-filing.
- Local corporate income tax return preparation and e-filing.
- Half year interim national estimated tax return preparation and e-filing, if necessary.
- Transfer pricing report preparation and e-filing.
- English version tax return summary and issue finding.
Income tax compliance
- Preparation accounting information to be reflected in the VAT return.
- Filing in accounting data into quarterly VAT return form.
- Sending the prepared quarterly VAT return in English to client for its review, approval, and signature.
- Support with electronic filing of quarterly VAT return with the NTS.
Indirect tax compliance
- Initial payroll setup
- Gather personal information and necessary documents from employees to set up a payroll system.
- Obtain access authorization to the National Tax Service's Hometax system for monthly payroll withholding tax and statutory filing of the four major insurance filing.
- Monthly payroll services
- Calculating payrolls and four major social pension/insurances per person per month.
- Monthly payroll filing including electronic filing.
- Prepare monthly pay slips for individual employees and securely send them to each employee, ensuring confidentiality through password protection.
- Year-end accurate payroll tax declaration services for employees
- Annual individual income tax returns for employees.
- Year-end settlement of statutory social insurances with relevant authorities.
- Other services
- Severance pay/final payment-related services.
- Semi-annual simplified withholding tax statement filing.
Employment and personal tax
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Statutory reporting service
- Regular bookkeeping work (recording of transactions: booking of incoming and outgoing invoices, bank statements and other accounting documents in general ledger), in accordance with Korean tax/statutory regulations on the basis of documentation and information provided by the company.
- Bank reconciliation, as well as reconciliation for client and suppliers.
- Preparation of the closing journal entries, accounting for any year-end provisions and accruals based on the management information and reconciliation of year-end accounts to general ledger and supporting data.
- Preparation of the annual financial statements and related notes according to Korean statutory requirements both in Korean and in English (i.e., balance sheet, income statement)
