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🇰🇷 South Korea /Economy & Trade

South Korea Sets July 27 Deadline for First-Half VAT Payments

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • South Korea's National Tax Service requires businesses to complete their first-half VAT filings and payments by July 27.
  • Approximately 6.92 million individuals and corporations are subject to this filing, an increase from the previous year.
  • Simplified taxpayers who issued tax invoices in the first half must also file, while others will receive a pre-calculated tax bill.

The National Tax Service (NTS) of South Korea has announced the deadline for the first-half Value Added Tax (VAT) filing and payment for the current year. All eligible businesses must complete these procedures by July 27.

This filing requirement applies to a significant portion of the business community, encompassing roughly 6.92 million individuals and corporations. The NTS noted that this number represents an increase of 130,000 taxpayers compared to the previous year, indicating a slight expansion in the number of businesses operating within the VAT system.

For simplified taxpayers, those who issued tax invoices during the period from January to June are obligated to file their returns based on their first-half performance. However, a portion of these simplified taxpayers, specifically those who did not issue tax invoices, will be exempt from the filing process. Instead, the NTS will pre-calculate their tax liabilities and issue a payment notice directly.

DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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