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Korea tax guide[Hometax]

[Corporation set up] procedures you should complete after obtaining your business license in Korea Once you have successfully obtained your business license in Korea, there are additional steps you should follow to ensure your business is compliant and fully operational. Here's a step-by-step guide to these post-licensing procedures: 1.Obtain Digital certificates. In Korea, digital certificates are crucial for your business operations. Nearly every procedure you undertake for your business wi.. 더보기
[VAT]Corrected Tax Invoice issuance: A Step-by-Step Guide with Screenshots In our previous post, we discussed how to make corrections to a tax invoice that has already been issued forvarious reasons such as transaction cancellations, product or service returns, or errors in the invoice information. [VAT] Are you familiar with the concept of a 'Corrected Tax Invoice'? Have you come across the concept of a 'Corrected Tax Invoice'? A Corrected Tax Invoice is a type of inv.. 더보기
[VAT] Creating a Tax Invoice: A Step-by-Step Guide with Screenshots Having conducted numerous meetings with foreign individual business owners and corporate representatives in Korea, I've discovered that issuing tax invoices can be a source of frustration for them. The primary reason for this frustration is the lack of an English interface on Hometax, coupled with the complexity of the process. Therefore, in this guide, I will demonstrate how to issue a tax invo.. 더보기
September Tax schedule in Korea Below is the main tax schedule for September in South Korea. 1.Withholding tax filing(9/11) When you pay your employees a salary, it is your responsibility to deduct taxes from their salary before paying them. *For example, if your employee has a contracted salary of 2,500,000 KRW, you must deduct 35,600 KRW for taxes, and pay your employee 2,464,400 KRW. The 35,600 KRW you deducted must be repo.. 더보기
How to register business bank account to Hometax Please follow the steps outlined below to register your business bank account with the Korea Tax Office. *Note that corporate bank accounts are automatically registered. If your company is categorized as corporate and not an individual business, you can proceed to skip this process. 1.Search ‘Hometax’ 2.Click 국세증명.사업자등록.세금관련 신청/신고 -> 사업용 공익법인 계좌 개설/조회 3.Log in to Hometax 4.Enter your business re.. 더보기
Crucial Tax Deadlines in July: Stay Updated and Fulfill Your Obligations 1.Withholding tax filing(7/10) When you pay your employees a salary, it is your responsibility to deduct taxes from their salary before paying them. *For example, if your employee has a contracted salary of 2,000,000 KRW, you must deduct 100,000 KRW for taxes, and pay your employee 1,900,000 KRW. The 100,000 KRW you deducted must be reported on a withhold tax return and paid to the tax office on.. 더보기
Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! 1.Withholding tax filing(4/10) When you pay your employees a salary, it is your responsibility to deduct taxes from their salary before paying them. For example, if your employee has a contracted salary of 2,000,000 KRW, you must deduct 100,000 KRW for taxes, and pay your employee 1,900,000 KRW. The 100,000 KRW you deducted must be reported on a withhold tax return and paid to the tax office on .. 더보기
Simplify Your Business Expense Management: Register Your Credit Card on Hometax and Wave Goodbye to Receipts! Registering your credit card on Hometax can save you the hassle of collecting receipts. Follow the steps below to get started 1.Search ‘Hometax’ ​ 2.Click '전자(세금)계산서, 현금영수증, 신용카드 -> Click '사업용 신용카드 등록 및 조회 3.Verify your business registration number and enter your credit card and phone numbers. Then click on '등록접수하기' to complete the registration process. (*If you have only one business, the regis.. 더보기

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