Simple VAT Calculator

부가세(VAT) 계산기

합계금액 또는 공급가액을 입력하여 부가세를 간편하게 계산하세요.

합계금액 (공급가 + 세액)

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공급가액0 원

부가세 (10%)0 원

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📚 All About VAT in Korea

Value Added Tax (VAT) is a tax levied on the value added during the production or distribution of goods and services. In Korea, the current standard rate is 10%.

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Taxable Objects: Goods or services supplied domestically by business operators, and import of goods.

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Taxpayer: Anyone who independently supplies goods or services for business purposes, regardless of profit motive.

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Calculation: VAT = Output Tax - Input Tax

Taxpayer Types

General Taxpayer: Annual revenue ≥ 104 million KRW

Tax = (Revenue × 10%) - Input Tax

• 10% (Tax Rate)
• 2/year (Reporting)

Simplified Taxpayer: Annual revenue < 104 million KRW

Tax = (Revenue × VAT Rate by Industry × 10%) - Deductible Tax

💡 Deductible Tax = Purchase Amount × 0.5%

• 1.5~4% (by Industry) (Tax Rate)
• 1/year (Reporting)

Reporting Guidelines

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Deadlines

Corporations: 4 times a year

Simplified: Once a year (Jan 1-25)

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Invoice Management

Check the Summary of Tax Invoices by Buyer/Seller.

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Taxable vs Exempt

Clearly distinguish between 10% taxable items and zero-rated items. Do not mix exempt sales with taxable sales.

Calculation Checkpoints

Exact Calculation: Verify 10% of supply and purchase price.

VAT Indication: Check if price includes VAT or not.

Evidence: Keep valid Tax Invoices for deductions.

Timing: Issue invoices at the time of supply.

Taxpayer Type: Know if you are General or Simplified.

Non-Deductibles: Entertainment expenses, non-business cars etc.

Explore & Learn

Article

2024-06-04

Understanding Value Added Tax (VAT)

A quick guide to how VAT works for businesses and consumers.

Read Article

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