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Essential steps to follow when you change your office address in Korea As a business owner, there may come a time when you need to change your office location. Perhaps your business has outgrown your current space and you need a larger one, or maybe your landlord is increasing the rent. Regardless of the reason, once you find a new office space and sign a lease, it's important to update your business registration as well. This is because the address on file with th.. 더보기
[VAT]Have you heard of Tax invoice? I assure You would know ‘invoice’ but have you heard of Tax invoice? 1.Almost every transaction require Tax invoice In Korea In Korea there is a unique system called the tax invoice. and it is required for every transaction that occurs between business owners. This means that both the seller and the buyer should issue and receive a tax invoice for every transaction. The value-added tax (VAT) in .. 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
Don't miss out : Crucial things many business owners overlook in their Corporate Income Tax filing March has been quite the hectic season for us corporate and tax accountants. Amidst the busy days, I've noticed that many companies are missing out on some fantastic benefits or risking hefty penalties. So, I wanted to share this post with you all and urge you to take a look at your CIT return if you're a business owner. 1.Hiring Employees? Get Tax Credits! Did you hire more employees this year .. 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 '계산서, 영수증, 카드 -> Click '신용카드매입 -> 사업용 신용카드 등록 및 조회3.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 registr.. 더보기
[VAT]Learn How to Get VAT Deductions for Your Fuel Expenses - Are You Eligible? You may use your car for visiting clients or commuting. and by running a car, expense such as fuel,engine oil changes and car inspections are unavoidable. If you are using your car for your business, these expenses are considered business-related costs, which can help reduce your overall business expenses. However the situation for VAT is not always same. As you may know, the price of every purc.. 더보기
Is it safe to pay your phone bill using your corporate bank account? Way to Avoid potential risks. 1.Welfare expense Vs Employee's Salary "Welfare expense" refers to money that a company spends on employee benefits such as meals, snacks, or company dinners. "Salary" encompasses an employee's basic pay and any financial benefits they receive. To determine whether an employee's phone bill payment should be included as part of their salary or welfare expense, it's important to clarify whether it.. 더보기
Avoiding Costly Penalties: Understanding the Taxes You Need to Pay on High Employee Salaries 1.Local tax employee portion There is a local tax called "Local Tax Employee Portion", which not all companies are required to pay. Companies that pay an average monthly salary of over 150,000,000 KRW are obligated to pay this tax. To determine if a company is required to pay this tax, the average salary of the past 12 months, including the payment month, must be calculated each month. For examp.. 더보기

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