Value-added tax (VAT) exemption is going to be applied to housework and childcare services. For amounts less than 500,000 Korean won (USD 430), mid-term VAT payments are going to be abolished.
Currently, taxpayers are allowed to claim input tax deductions if a VAT invoice is issued within six months of the due date of the VAT return for the period in which the relevant supply was made. This time limit is going to be extended to twelve months.
Source: mnetax.com
