Tax return

Reporting a year of income and tax yourself

In detail

You gather a year of income, work out what you owe and file it. People fully covered by withholding often do not need to, but income with nothing withheld, or gains and losses to be netted together, usually mean filing yourself. The deadline is set by each country.

Example

If $400,000 was withheld but the tax worked out on the whole year is $300,000, filing gets the $100,000 difference back.

Differences by country

Japan — In Japan it is normally unnecessary if you only use a withholding account; the deadline is around 15 March.

South Korea — In Korea financial income above 20 million won a year moves to aggregate taxation and is filed in May.

Related terms

Withholding Offsetting losses Capital gains tax

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For learning, not investment advice. Decisions are your own.