Taxes and ARC Card

Upon your resignation from our company, we will proceed to file your taxes for the current year. Please note, this filing will exclusively reflect your earned income and will not consider personal expenses. As a prudent course of action, we recommend that you undertake an additional tax filing in the subsequent year, specifically in the month of May.

​

Your tax obligations will be determined based on your income earned during the current year. You may either receive a refund or owe additional taxes. In the event of the latter, you will be obligated to remit the specified amount.

You will receive a notification regarding your tax status via your personal email.

​

Should you be eligible for a tax refund, it will be directly deposited into your Korean bank account registered under your name. We strongly encourage you to liaise with your bank to establish an automatic fund transfer to your overseas account or to create a Visa or MasterCard check card. This will facilitate your ability to access your funds from your Korean bank account while overseas.

​

​

Filing Your Taxes in May of the Following Year

​

Foreigners residing in South Korea are encouraged to file their taxes in May for a few reasons. First, it's a legal obligation for all employees, including foreigners, to submit a yearly income tax return. The deadline for this submission is typically May 31st. If you have had salaries from more than two companies (for example, if you moved from one to another) or had freelancer income besides your regular salary, you need to file May's tax return. Secondly, refiling taxes in May allows individuals to account for any personal expenses or deductions that weren't included in the initial tax filing by the company. This could potentially lead to a tax refund. Finally, the South Korean National Tax Service provides English language support and resources during this period, making it easier for foreigners to navigate the process.​

​

CREVERSE's Tax Attorney Recommendation

​

All former employees should file their taxes in May for income earned in the prior year at CREVERSE for possible additional tax returns.

 

You may email facultylink@creverse.com for all income tax receipts for income earned at Creverse. When making a request for your income tax receipts, please make sure to include the following information so we may provide you with accurate documents:

 

Your Full Name, Brand(s), and Branch(es) you freelanced at during the previous year and the exact employment period.

 

While it is not necessary for you to meet with a tax attorney in order to file your taxes, should you require assistance, we normally recommend DASAN Tax Accounting & Consulting Corporation since they have been assisting our instructors for many years now.

​

Young-In Shin, DASAN Tax Accounting & Consulting Corporation

• tax5577@hanmail.net

• Tel) 02-556-2222

• Fax) 02-556-2020

• Fee: dependent upon final tax calculation [165,000won ~ 330,000won]

• Please contact them to request more information on their tax filing process. They will send you a form to fill out and request specific documents you will need in order to file your taxes.

 

If you wish to file your taxes on your own, you can go to the National Tax Service website which has information regarding the filing process as well as a hotline with English language assistance for foreigners (1588-0560). Please go to https://www.nts.go.kr/english/main.do for more information.

​

​

Income Tax Receipt Translation and Details

​

As an employee, if you have already secured your Income Tax Receipt by making a request through our Faculty Human Resources (FHR) department, we would like to provide a brief explanation of each field for your convenience. Please note, currently we do not provide an English version of the Income Tax Receipt.

​

1. 근로소득 원천징수영수증 – “Receipt for Wage & Salary Income Tax Withholding” - Refer to Tax Form 24(1)

This is the income tax as an employee. You are not required to fill in any additional information. The company has already completed the document(s) on your behalf.

 

Numbers 1 ~ 5 are related to CREVERSE, Inc:

1. Registered Name of Business ((주)크레버스) / 2. Name of Business Owner

3. Business License Number / 4. Business Registration Number

5. Business Address

 

Numbers 6 ~ 8 are related to You:

6. Name of Employee – Your name should be here / 7. Residence Number – Your ARC number

8. Address – Your address stated on your ARC

 

Numbers 9 ~ 79 are related to your Payments:

9. Company Name

10. Business License Number

11. Length of Service Attributable

12. Period of Tax Exemption

13. Gross Payroll
14. Gross Bonus

15. Deemed Bonus

15-1. Stock Option Execution Profit, 15-2. Employee Stock Ownership Assoc. Drawings,
15-3. Amount Exceeding the Limit of an Executive's Retirement Benefits

16. Total

18~20. Should be blank

74. Final Tax Liability (소득세: Income Tax, 주민세: Residence Tax, 농어촌특별세: Special Tax, 합계: Total)

75. Prepaid Tax(Previous Job)

76. Prepaid Tax(Current Job)

77. Tax Amount for Special Case on Tax Payment

78. Taxes Due (74-75-76-77)

      *The last page(소득공제 명세): Year-End Tax Adjustment of the previous year (should be blank)

​

What to do with Your ARC Card

​

• If you are renewing or switching your visa, please make sure you create your IRP account before submitting your ARC card to immigration. All Severance related documents must be submitted before your resignation date. The earlier you submit your documents the less likely there will be delays due to processing time.

• If you are leaving the country before the ARC expiration date, please be sure to relinquish your ARC to airport immigration to cancel your visa.

• If you plan to leave after the ARC expiration date, you will need to visit the immigration office in order to extend your sojourn. E-2 Visa holders may apply for a D10 visa (Some restrictions may apply) which will extend your sojourn. If you have purchased a departure ticket, be sure to take it to the immigration office.