10,000 won bills
There are two categories of tax in Korea which are broken up into many different sections. There is National Tax and Local Tax. National taxes are divided into
internal taxes, customs duties and three earmarked taxes. The local taxes include
province taxes and city and county taxes. Like many other countries filing taxes can be difficult but thankfully most of the documents are published in English.
National tax is comprised of many different types of taxes. Two categories of National Tax is direct tax and indirect tax. Direct tax: income tax, corporate tax etc. Indirect tax: is comprised of Value Added Tax, Stamp Tax, Liquor and Tobacco Tax etc
Local tax is comprised of Acquisition Tax, Registration Tax, Leisure, Tax Inhabitant Tax, Property Tax, Automobile Tax amongst things
Value Added Tax (VAT) is called 부가세 (Bugase) in Korean and is classed under National Tax. The VAT rate in Korea is 10% and is always included in the price on products that you buy in shops.
For more information and documents about tax in Korea visit the Official site for Tax in Korea.
