South Korea: 6.92 Million Businesses Must File VAT by July 27

South Korea's National Tax Service has issued a call to action for millions of businesses, requiring 6.92 million entrepreneurs nationwide to complete their value-added tax (VAT) confirmation filings by July 27. This annual requirement marks a crucial deadline for businesses to report their financial activities for the period.

The number of taxpayers subject to this filing has seen a notable increase, growing by 130,000 compared to the previous year. This expansion is driven by a rise in individual general taxpayers, which increased by 100,000, and a concurrent growth of 30,000 in corporate taxpayers. The surge indicates a broadening tax base within the country's business sector.

Furthermore, the National Tax Service clarified that all simplified taxpayers who issued tax invoices during the first half of the year are also obligated to file their performance reports. This directive ensures comprehensive reporting across different business categories, maintaining the integrity of the tax system.