April 19, 2024

• 

[THE INVESTOR] The number of foreign residents in Korea has been rising at a fast clip over the past decade, with their tax payment increasing more than fourfold, government data showed on May 16.

Foreign residents in the country numbered 1.89 million in 2015, 2.5 times the 747,000 recorded 10 years earlier, according to the data from the Justice Ministry.

Income tax payment by foreign residents more than quadrupled to 694.7 billion won (US$616.9 million) during the period, according to the data from the National Tax Service.

Foreign nationals working in Korea paid an average income tax of 1.28 million won in 2015, roughly 80 percent of the tax paid by Koreans, said Yonhap News Agency.

(theinvestor@heraldcorp.com)