Tax Guide and Tax Savings Guide

Eligibility Small and medium-sized enterprises or mid-sized enterprises as defined by the Enforcement Decree of the Restriction of Special Taxation Act The export amount in the previous business year must be 30% or more of the total supply amount, or the export amount must be 10 billion won or more There must be no record of being punished for violating the Customs Act and the Punishment of Tax Offenses Act as a business operator in the two tax years preceding the tax period in which the application date falls, and no national tax arrears Application and Implementation Submit the 'Application for Delay in Payment of Import Value-Added Tax' to the head of the tax office having jurisdiction over the business place The tax office head will review the application requirements and notify the decision on approval Approved businesses must inform customs that they are eligible for the delay in payment when making an import declaration and proceed with customs clearance without paying the value-added tax The deferred value-added tax will be deducted (settled) from the amount to be paid during the final value-added tax declaration See More on Beyul’s Blog