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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).