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VAT

[VAT] Are you familiar with the concept of a 'Corrected Tax Invoice'? Have you come across the concept of a 'Corrected Tax Invoice'? A Corrected Tax Invoice is a type of invoice used to rectify errors or amend details on a previously issued tax invoice, primarily due to inaccuracies in the initial tax invoice or changes in the terms of a transaction with your clients. For instance, if you have issued a tax invoice to a client for a sale, but circumstances arise th.. 더보기
[VAT] Penalty you should pay when you fail to issue Tax invoice In Korea By now, you may already be familiar with the concept of a tax invoice in Korea. This unique system is overseen by the Korea Tax Office. However, if you are not acquainted with this topic, I encourage you to refer to the post below for more information Have you heard of Tax invoice? I assure You would know ‘invoice’ but have you heard of Tax invoice? 1.Almost every transaction require Tax invoice.. 더보기
Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! 1.Withholding tax filing(4/10) 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 .. 더보기
[VAT]Learn How to Get VAT Deductions for Your Fuel Expenses - Are You Eligible? You may use your car for visiting clients or commuting. and by running a car, expense such as fuel,engine oil changes and car inspections are unavoidable. If you are using your car for your business, these expenses are considered business-related costs, which can help reduce your overall business expenses. However the situation for VAT is not always same. As you may know, the price of every purc.. 더보기
[VAT]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 money for your business and obtain a tax invoice, cash receipt, or use a credit card(qualified receipt), your can deduct amount of VAT of your.. 더보기
G-tax Providing services If you're looking for a way to better understand your company's tax situation, look no further than G-tax! We offer a user-friendly English version of tax return forms that are designed to simplify the process and help you stay on top of your tax obligations. Our streamlined approach to tax filing ensures that you don't have to navigate complicated tax laws or worry about making costly mistakes... 더보기
Year-end tax settlement guide -1 [PDF downloads] To start your year-end tax settlement in Korea, the very first thing you should do is to download ‘the PDF file’ from home tax. ​ The PDF file shows information of all receipts,medical bills and other bills you paid in a year. ​ *If you don’t get this PDF file, you should collect all the receipts, medical bills and other bills by yourself ​ ​ Almost all items are provided through this PDF file, .. 더보기
January 2023 Tax Deadlines ​ ​ It's very important to know when taxes are due in Jan. And, for many business onwers, there are more tax deadlines to care about than just the due date for your corporate income(or income tax) tax return. ​ If you miss a tax deadline, the NTS (Korea National Tax Service) can hit you hard with penalties and interest. So, I'd like to introduce you what taxes you should pay and what other oblig.. 더보기

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