S.Korea’s Value-Added Tax: Focus on Purchases (Part 3)
Providing detailed education on saving value-added tax (VAT) is crucial for businesses navigating tax regulations. In a series of posts, Korea’s National Tax Service (NTS) blog explains about VAT saving points related to purchasing. Understanding VAT Issue Timing When a business does not receive its e-tax invoice in time, it risks not being able to […]
S.Korea’s Value-Added Tax: Focus on Sales (Part 2)
The National Tax Service of South Korea provides valuable information through their official blog on how taxpayers can strategically save on their Value-Added Tax (VAT). This guide, part two of a series, focuses on points related to sales. Transfer of Business without VAT imposition One critical VAT saving point relates to the transfer of a […]
S.Korea’s Value-Added Tax: Sales-related points to Consider
The National Tax Service of South Korea provides valuable information through their official blog on how taxpayers can strategically save on their Value-Added Tax (VAT). This guide, part one of a series, focuses on points related to sales. Understanding VAT and the Consequences of Non-Compliance Value-Added Tax (VAT) is levied on the added value of […]
How To Save on Value Added Tax (VAT) for Businesses in Korea
Understanding how to manage your VAT efficiently can lead to meaningful savings for your business. This article explores the essential points related to purchases that can help you minimize your VAT tax obligations legally and effectively. Proper Invoice Issuance One of the fundamental aspects of managing VAT in Korea is ensuring that invoices are issued […]
2024 H1 Labor Incentive Application: Who Is It For?
The first half of 2024’s Labor Incentive Application in Korea has been made available for potential applicants to consider. Starting September 1st and running through to the 19th, any current workers or individuals who fall under the set eligibility parameters can apply for this financial support. This article provides a detailed take on Labor and […]
The Implications of Penalty Tax and its Reductions for Taxpayers in Korea
As a taxpayer, it is crucial to be aware of penalty tax. This article will help you understand all the complexities you need to know about penalty tax levies and its reductions, enabling you to avoid unnecessary tax payments by observing tax declaration and payment schedules. Understanding Penalty Tax Levies in Korea Penalty tax is […]
Registering a Business in South Korea Made Easier
Registering a business in South Korea has become easier and hassle-free. The need to visit tax offices in person has been eliminated. Thanks to new digital services provided by the National Tax Service (NTS) and the HomeTax mobile application, potential entrepreneurs can register their business from anywhere, at any time. Improvements in the Business Registration […]
A YOY Decline in Overseas Financial Account Declarations in Korea
This year saw 4,957 declarations filed for overseas financial accounts amounting to KRW 64.9 trillion (∼USD 56 billion). The number of declarations was down 8.5% from last year’s 5,419, representing a 65.2% decrease in the declared amount of KRW 186.4 trillion (∼USD 161 billion). Decline in Reported Overseas Financial Assets The sharp drop in both […]