[Taxation] Schedule and How to Check Your Consolidated Income Tax / Local Income Tax Refunds

Halfway Through 2025: Time to Check Your Tax Refunds!

(in case there are foreigners making living in South Korea:)

June 30th marks a crucial date for many – the deadline for reviewing refunds related to the consolidated income tax and local income tax you filed in May. Whether you're a business owner, freelancer, or someone with additional income streams, this period involves reporting your earnings from the previous year and either settling any outstanding tax liabilities or receiving those refunds.

 

Let's break down how to track your refund schedule and ensure you don't miss out:

 

Q. When Can You Expect Your Refund?

Knowing the precise timeline for both consolidated income tax (national tax) and local income tax (local tax) refunds can alleviate unnecessary stress, as they come almost at the same time. 

1. Consolidated Income Tax Refund Timeline

     Consolidated income tax refunds are managed by the National Tax Service (NTS). If you file electronically and qualify for a refund, you can typically expect your refund within 30 days from the date of filing. If you filed on May 20th, your refund could arrive as early as mid-to-late June. You can check the status of your refund on the NTS homepage,  HomeTax( https://www.hometax.go.kr) .

2. Local Income Tax Refund Timeline

     Local income tax refunds are handled by individual local governments (cities, counties, districts). These refunds usually follow the consolidated income tax refund by about 1-2 weeks. Processing times can vary by region due to local government procedure of each. You can monitor the status of your local income tax refund through WeTax  (https://www.wetax.go.kr)or Government24 (https://www.gov.kr). 

3. Verifying Your Refund Account Information

     Ensure that the bank account information provided during your tax filing is accurate to avoid delays or missed refunds. Double-check your account details if there have been any changes to avoid complications.

 

[Summary]

 While the processes for consolidated income tax and local income tax refunds operate separately, you can generally expect them within about a month from the filing date, sequentially. For the most accurate timeline updates, you would better to regularly check your refund status on HomeTax for national tax refunds and use WeTax or Government24 for local tax refunds.

 If your refund hasn’t arrived yet, revisit your filing date and ensure your bank account information is correct. As diligently filing your taxes, you deserve to receive your rightful refunds without delay. Stay informed and enjoy the financial relief!