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Notice, a covid-19 VAT relief subsidy from Korean government

Recently the Korean government is providing a covid-19 subsidy relief for registered businesses to lower the VAT burden.

Usually, Korean VAT (Value Add Tax) rate is 10% so when you make sales, you add up 10% on your invoice to your client. 

This 10% VAT is then kept by the company and paid to the tax office on a regular basis.

However, due to covid-19 subsidy, the Government is requiring only 3~5% of the VAT to be paid.

This means that your business is only required to pay the 3~5% and can keep the remainder, if your last 6 months sales was less than 40 million KRW.* 

(Excludes real estate rental businesses and adult establishments).

Get help with Korean tax today.

Christie Lee and the friendly team at Hana Tax are ready to help local Koreans, expats and English speakers simplify their Korean accounting.