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Korean Tax Blog

July 1, 2020

Seoul city hall decided to pay the Stimulus check to foreigners, it's around 30bil.won on June 30.

More details like payment amount, eligibility will be release soon through the website.

Basically this is based on the resident address where is living.

So more details will be announced soon, I'll put it here immediately when it's released.

jz

May 20, 2020

Seoul city hall announced that they will support all of sole proprietors and small company located in Seoul while paying 1.4mil.won cash.

The below is criteria;

- Sales amount: less than 200mil.won per year

- Business category: Room salon may not applied, but Karaoke and Beer Hof can apply

- Support 2 months, 700,000won * 2months

- Application: May-June

- Location: In Seoul, it's not based on the resident address of the representative but on the business address

- Business period: Starting business fro...

May 1, 2020

Every resident who earned other than salary income in Korea for 2019 FY need to file tax return by the June 1, 2020 and must pay taxes by the August 31 because of Corona Virus crisis according to the NTS announcement on Apr. 28.

And especially if your address is Daegu, Gyoungsan-city or Bonghwa-gun, you can file it by the end of June. And if you apply the tax refund by the 1st of June, you can get it back in June 23.

You need to file all of earned income like rental, interest, dividend, salary inc...

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,...

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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

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