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Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

F:+82-31-273-5078  |  Skype: joezoh  |  Email: jz@taxjz.com

Web : www.taxjz.com  |  Blogs: www.koreantaxblog.com

Korean Tax Blog

since 1981-
Caring for your business is
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Korean Tax Blog

July 17, 2019

Approx. 5.3mil. VAT tax payers need to file and pay for 2019FY 1st half VAT closing by the 25th of July.

It's 0.9mil. entity and 4.4mil. sole proprietors will try to file, so please keep your due date for file even you can't pay it on time.
 

This time NTS focus on some amount in cash sales and zero-tax rate amount without a proper evidence.

You can find out the cash receipts you issued during this first half at the Hometax, so this amount should be the same with the filing amount.

For more details,...

April 30, 2019

NTS(National Tax Services) expecting around 7.3mil. taxpayers are filing the above income tax return by the 31st of May for 2018FY income, last year it was 6.8mil. returns according to the NTS announcement including sole-proprietors.

The following taxpayers need to file this time;

- Freelancers; 3.3% tax payers during the year(Must)

- Sole-proprietors; hold a tax registration certificate(사업자등록증)(Must)

- Salaried employer; need some correction for the year-end tax settlement(Must)

- Combined income so...

April 12, 2019

Around 920,000 corporations need to file and pay the 1st quarter VAT return and 2,040,000 sole proprietors need to pay the interim VAT by the 25th of April.

Sole proprietors can file if the sales revenue reduces more than 33% or want to VAT refund earlier when there was a fixed asset investment for an example, otherwise need to pay the half of the amount filed on the Jan. 25, 2019.

 You can pay the VAT by a credit card(0.8% fee will be added) or check card(0.5% fee will be applicable) for your inf...

March 10, 2019

Every corporation(around 790,000 company) must file the Corp. Income Tax Return and pay the tax by the 1st of April for 2018 FY.

As I stressed 100,000 times, please keep the due date for filing in any circumstances.

You can file by your self though the "Home Tax"-www.hometax.go.kr

Almost all of SME are entitled to deduct a kind of special exemptions from 10-30% of calculated tax up to 100mil.won if it's not a specific business scope like a restaurant or private institute.

If you didn't file on time,...

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