- Korea’s tax authorities impose a 10 percent VAT on free appliances provided to construction members.
- New VAT regulations affect free gadget offerings by construction companies during redevelopment projects.
- Previously untaxed items now require VAT payment, impacting transaction costs at each stage.
- Common free items include electronics and upgraded materials, adding significant costs to large projects.
- Interest in tax-saving methods is rising due to low growth and aging society.
- The National Tax Service clarified that free items like bidets and TVs are subject to VAT.
- Determination of tax exemption for other items depends on their association with public housing construction services.
Source: biz.chosun.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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