VAT Return

Please do not miss your VAT return(for the 1st quarter of 2018FY) by the 25th of April if it's an incorporation.

For sole proprietors, please pay the 1st interim payment by the 25th of April, you can print out the bill at the hometax, but if your sales revenue was going down by 1/3, you can also file and pay less than the bill issued already or get refund.

To make your return completed, I always recommend to check your sales revenue with your accountant on time.

I saw it's around 850,000 company need to file and pay, and 2.1mil. sole proprietors need to pay the 1st interim VAT by the 25th of April.

The following is the main focus area this time for purchase VAT;

- deduct for personal expenses

- deduct for vehicle(passenger car with larger than 1liter engine) expenses

- deduct for entertainment expenses

- duplicated deduction by credit card(payment) and tax invoice

- credit/check card deduction if it's company or sole proprietor with more than 1bill.won sales

More questions, please feel free to send me an email to jz@taxjz.com