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Business bank account reporting for Freelancers or Contractors

By June 30, the individual taxpayers with 2021’s income above 75m won need to report the”사업용계좌 (business bank account) ” to the tax office. (You may easily do this on Home Tax)

  • The threshold for reporting 사업용계좌/business bank account is as follows.
    * Retail business: over 300m won per year
    * Manufacturing business: over 150m won per year
    * Service/ Consulting/ Rental business: over 75m won per year
  • With the reporting, you would need to mainly collect your service fee to the reported designated bank account.
    However, it does not mean that your daily transactions will be reported to the tax authorities.

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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.