Accounting&Tax Filing
A. Monthly services
(1) Basic services
① Bookkeeping
-
Maintain accounting books and records of the Company based on the cash receipt and payment records which will be provided by the Company.

② Headquarter reporting

-

-
Report a periodic English financials based on the accounting books including financial statements in accordance with GAAP or any specified standard;
Correspond with H/Q for general items.

③ VAT return

-
-

Maintain monthly Value-Added Tax accrual and tax withheld accounts;
File quarterly Value-Added Tax return under the Value-Added Tax Law.

④ Withholding tax return

-

File monthly withholding tax return.

(2) Additional services

① Payroll services

-
-
-

-
-

-
-

-


-
-
Maintain payroll records for all concerned employees;
Calculate deductions like payroll tax and social security charges;
Deposit net payroll in individual bank accounts (as funded by the company) and send individual payroll slip to each employee;
Process payment of deductions as funded by the company and file monthly payroll tax returns;
Settle payroll tax and social security charges for the whole calendar year and report the yearly salary and file all required returns accordingly;
Issue the certificate of payments of payroll and payroll tax;
Upon termination of a person's employment, settle payroll tax and compute severance pay, if any, and file all required returns;
Administer National Pension, National Health Insurance, Unemployment Insurance and Industrial Accident Insurance, including preparation and filing of required reports and processing of payments for insurance premiums and national pension contributions;
Provide statistics related with payroll;
Provide samples about the employment conditions in Korean and English and consult the employment conditions.
② Perpetual records of inventory
-
-
-
-
-
Compute unit price for purchased inventory;
Keep perpetual records of inventory quantity;
Compute amount of inventory for consumption and month-end balance;
Prepare English summary of the inventory records;
Compute difference of inventory between book and stocktaking.

③ Cash management

-
-

-
-
Operate bank accounts on behalf of client;
CConfirm invoices and expense claims have been properly handled with proper authorization from the authorized managers;
Compile a list of payments for the purpose of authorization and fund request from the Company;
Pay expenses and wire payments to vendors in agreed procedures on behalf of the Client.

④ Others

-
-
Representation with the Office of National Tax Service and District Tax Office regarding all tax related matters;
Keep legal documents, registered corporate seal and seal card etc. in custody of CKC.
B. Yearly services

① Corporate income tax return

-

-
-
-
File the annual corporate tax return and interim corporate tax return with the Korean tax authorities and proceed related tax payments;
File the statutory financial statements together with the year-end corporate tax return;
Answer tax questionnaire required for of Sabanes-Oxly Act;
Prepare English summary of the return.

② Combined individual income tax return

-
-
-
AAssist annual global tax returns;
Consult regarding individual tax exemptions under Korean tax laws and assist tax audits;
File the annual individual tax return for the combined income with the Korean tax authorities and proceed related tax payments.

③ Assistance of audit

-
-
Assist audit in CKC’s office;
Assist bank confirmation in preparation and being replied.
  • INAA GROUP
  • Compandben SA
  • High Street Partners
  • Invest Korea
  • Seoul Global Center
  • Knowing about Korea
  • National Tax Service
  • Minstry of Labor
  • National health Insurance
  • National Pension Service
  • Compensation & Welfare Service