5 Major Developments in South Korea

5 Major Developments in South Korea

• VAT Return Payment Extension

• Products provided Free of Charge under Purchase Agreement were Not “Free of Charge Imports”

• Saudi and South Korean customs agree to enhance supply chain security

• Presidential Decree extending temporarily reduced individual consumption tax rate

• Penalties for Late VAT Registration by Foreign Electronic Service Suppliers

Customs

• Products provided Free of Charge under Purchase Agreement were Not “Free of Charge Imports”

• Saudi and South Korean customs agree to enhance supply chain security

• Customs Value of Goods Imported from Bonded Area (Supreme Court Decision)

E-Commerce / Electronic Services

• Overview of VAT Reporting for South Korea: Different Reports and Related Topics

• MOEF announce tax reform proposal for 2023: VAT changes

• Penalties for Late VAT Registration by Foreign Electronic Service Suppliers

E-invoicing

• E-Invoice Conversion in the APAC Region | Part 2

• E-Invoicing in South Korea: Navigating Compliance and Regulations

Exemption

• MOEF announce tax reform proposal for 2023: VAT changes

• VAT Exemption for Veterinary Services to be Expanded

• 72% of Koreans approve of abolishing cosmetic surgery VAT tax

Importation

• KPMG Week in Tax: 25 – 29 September 2023

• Products provided Free of Charge under Purchase Agreement were Not “Free of Charge Imports”
• Customs Value of Goods Imported from Bonded Area (Supreme Court Decision)

Invoice

• Overview of VAT Reporting for South Korea: Different Reports and Related Topics

• South Korea proceeds to allow self-billing for VAT invoices

Rate

• Presidential Decree extending temporarily reduced individual consumption tax rate

Registration

• Penalties for Late VAT Registration by Foreign Electronic Service Suppliers

Reporting / Compliance

• VAT Return Payment Extension

• Overview of VAT Reporting for South Korea: Different Reports and Related Topics
• Overview of VAT Reporting for South Korea: Different Reports and Related Topics

• South Korea: National Tax service announced VAT filing and payment deadlines

Tax Authorities / Penalties / Interest

• Penalties for Late VAT Registration by Foreign Electronic Service Suppliers