[서울신문] 1 month extension of VAT declaration for 6.65 million individual business owners

Until the 25th of the new month… 5~30% reduction in tax paid
Simplified taxpayers exempt from tax less than 48 million won

The National Tax Service has decided to extend the VAT report and payment by one month for individual business owners who have difficulties due to Corona 19.

According to the’Guidelines for VAT declaration and payment for corporations and individual business owners’ announced by the National Tax Service on the 6th, the period for reporting and payment for individual businesses will be extended by one month. Accordingly, 6.66 million individual business owners can report and pay the tax without visiting the tax office by using Hometax, ARS, or mobile simple notification until February 25. 1.33 million corporate business owners must report and pay by the 25th of this month as originally scheduled.

However, individual businesses who did not receive the new desired fund for small business owners last year, but wish to receive the newly supported support fund this time, should be aware that if the report is delayed, the payment of the support fund may be delayed. This is because additional applications are received from small business owners who have reported VAT by January 25.

The number of targets for this report was 7.76 million, an increase of 330,000 from last year’s final report (7.5 million). In detail, the number of corporate businesses increased by 70,000 and individual businesses increased by 260,000. Of the 6.66 million private businesses, the general taxable is 4.68 million and the simplified taxable is 1.97 million.

As the VAT reduction and exemption system for small private businesses was established for a temporary period last year, the amount of supply for the taxable period (6 months) was 40 million won or less, and the tax paid by individuals who do not fall under the exemption business category such as real estate rental business or taxable entertainment venue is simplified. It is reduced to the taxable level (5-30%). In addition, the standard amount for exemption from the simplified taxpayer was temporarily increased last year. Accordingly, if the total amount of supply consideration for the taxable period (one year) is 30 million won or more and less than 48 million won and is not a tax exemption business type, the tax paid to the simplified taxpayer is exempted.

Reporter Sejong Na Sang-hyun [email protected]