1.Withholding tax filing(7/10)
When you pay your employees a salary, it is your responsibility to deduct taxes from their salary before paying them.
*For example, if your employee has a contracted salary of 2,000,000 KRW, you must deduct 100,000 KRW for taxes, and pay your employee 1,900,000 KRW. The 100,000 KRW you deducted must be reported on a withhold tax return and paid to the tax office on behalf of your employees.
The deadline for filing the withholding tax return is the 10th day of the following month after the payment was made. So, if you paid salaries to your employees in June, you must file the withholding tax return by July10th.
It's important to understand that the requirement to file a withholding tax return is not limited to salary payments. Any payment that requires taxes to be withheld must be reported on the withholding tax return.
*For instance, if you paid a loyalty payment to a foreign entity, you must also withhold taxes and report the payment on the withholding tax return.
2.Securities transaction tax paymenf (~7/10)
When you sold shares(stock), you have to pay Secutities transaction tax as well as capital gain taxes for the cpaital gain.
3.VAT filing & payment (~7/25)
July's the most important tax obligation would be VAT filing.
Unlike April's VAT filing, which only corporation file their 1Q VAT and individual business don't,
In July, every business entity regardless of business type(corporation / individual business).
But for corporation, which already filied their 1Q(Jan~Mar) VAT, only have to file for 2Q(Apr~Jun).
*but the point is, if you miss some tax invoices which should be included in 1Q VAT filing, you can put that in this month's VAT filing.
For individual business owner, which hadn't filie for 1Q VAT, they have to file VAT from Jan to June.
*if you paid VAT in Apr, you can dedcut the amount as prepaid VAT from calculated VAT payable amounts. and when the prepaid VAT amount is bigger thatn VAT payable amounts,
*Below is a posting in 'G-tax.kr' you can check FYI
Why Your Meal Expenses Are Not VAT Deductible for Your Business?
1.Entertatinment expense As you run your business, you may occasionally treat your clients to luch , dinner, or some gift. and we can account for these costs are "entertainment expense" on your income statement. The rule for VAT deduction is, if you spend
www.g-tax.kr
5.Submission of payment statement.(~7/31)
The payment statement is a necessary document that outlines information about the individuals or entities who have received payments from you. This includes details about their income and any taxes that have been withheld.
*For instance, when you pay your employees, you are required to withhold taxes and pay them to the tax office. Additionally, you must submit a payment statement to the tax office to report the withheld taxes.
Thank you for read my article! I hope it helps.
If you want to see more information about Korea tax and accounting, please follow us.
And if you need help for your tax filing or accountung or looking for CPA in Korea, don't hesitate to contace us
you can contact us easily through direct message
G-tax / Certified Tax Accountant / Steven Yang
+82 10 9599 7152
steven@g-tax.kr
You can contact me through the phone number in the name card.
or
You can email me through our email address 'Steven@g-tax.kr'
'Korea tax guide[Hometax]' 카테고리의 다른 글
| September Tax schedule in Korea (0) | 2023.09.01 |
|---|---|
| How to register business bank account to Hometax (0) | 2023.08.31 |
| Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! (0) | 2023.04.07 |
| Simplify Your Business Expense Management: Register Your Credit Card on Hometax and Wave Goodbye to Receipts! (0) | 2023.04.03 |
| Important Tax Deadlines You Need to Know for March (0) | 2023.03.10 |
