8.17 million individuals and corporate entrepreneurs are required to file and pay last year’s value-added tax (2nd quarter) by the 25th. However, individual entrepreneurs whose sales have decreased due to government quarantine measures such as bans on gatherings and restrictions on business must report within the deadline but pay by March 31.
On the 5th, the National Tax Service announced the details of filing and paying the second VAT in 2021.
The number of persons subject to final VAT return was 8.17 million, including 1.13 million corporate businesses and 7.04 million individual businesses, an increase of 490,000 from the previous year (768 million). Among individual business owners, there are 4.75 million general taxable persons and 2.29 million simple taxable persons.
Among these, individual business owners who have suffered difficulties due to COVID-19 quarantine measures will have their payment deadline extended by two months until the end of March. 620,000 individual business owners who suffered damage due to personnel and facility restrictions among industries subject to loss compensation or those excluded from loss compensation, whose sales have decreased due to a gathering ban or business restrictions, etc. An official from the National Tax Service said, “The taxpayers are only extending the payment deadline. Reports must be made by the 25th, and a separate notice (mobile) will be sent (on the 6th) to those eligible for support.” The National Tax Service will actively approve the extension within three months if a business operator who is experiencing business difficulties due to disasters, restructuring, or rapid sales decline in an employment crisis area or special industrial crisis response area applies for a delivery extension, even if it does not fall under the ex officio extension of the delivery date. policy.
The standard amount of exemption for simplified taxpayers has also been raised from 30 million won to less than 48 million won. A simplified taxable person whose total amount of consideration (sales) for the taxable period (1 year) is less than 48 million won only needs to file a report and there is no separate tax to be paid.
If you wish to extend the delivery period, you can apply for it by home tax, hand tax, or mail. The tax to be paid can be conveniently paid through Hometax or mobile through electronic payment, credit card, or simple payment.
In addition, the micro-taxation office will provide early refunds to support export and investment and liquidity of funds for small and medium-sized enterprises (SMEs). Small businesses with sales of less than 1 billion won, small businesses with sales of less than 100 billion won, and start-ups that have been in business for more than 3 years apply for an early refund . However, the National Tax Service explained that the refund may be delayed if it is necessary to confirm the facts, such as allegations of unfair refund.
Choi Jae-bong, director of the personal tax payment bureau of the National Tax Service, gives a briefing on the final value-added tax return for the second term of 2021 at the National Tax Service’s press room in the Government Complex Sejong 2 on the 5th. provided by the IRS