Lesson 6

In this episode, Angela and Peter talk about tax in Korea. Check out through the video Korean tax rates and system for expats, differences in paying taxes between regular workers and freelancers, and a website where you can get all the information in English about taxes.

1. 현금 영수증 [현그명수증 / 현금녕수증]
현금 means "cash" and 영수증 means "receipt." 현금 영수증 refers to "cash receipt," which is a receipt that can be issued after a consumer pays in cash at a store. This system helps the National Tax Service(NTS) track consumption records of consumers (for tax credit purposes) and cash sales of store owners.

2. 현금 영수증 하시겠어요?
This is a common question that you are asked by waiters after you pay cash. It means "Do you want to get a cash receipt?" You can also hear "현금 영수증 필요하세요?" and "현금 영수증 해드릴까요?" which basically mean the same.

3. 원천징수
원천징수 is withholding tax or PAYE (pay as you earn). 원천 means "headspring" or "source." 징수 means "collection" or "seizure." 원천징수 literally means "collecting from the source," so it refers to "taking taxes from a person's income directly."

ex) 자원봉사는 저의 힘의 원천이에요. Volunteerism is a source of my power.

ex) 세금을 징수하다 to collect taxes

4. 지방세 [지방쎄]
지방 means "region" or "areas far from the capital of a country." 지방세 refers to "local tax," which is paid to a local government.

ex) 이 지방은 와인으로 유명해요. This region is famous for wine.

5. National Tax Service
The National Tax Service(NTS), 국세청[국쎄청] in Korean, is a tax organization in South Korea and is run under the Ministry of Economy and Finance.
- https://www.nts.go.kr/eng/