VAT Return by Apr. 26

NTS(National Tax Service) announced their plan for the 1st quarter VAT return under the pandemic situation to help a small entities.

Last year 1mil. entities should have filed their 1st quarter VAT return, but this time it's 0.6mil. entities since 0.4mil.won small and poor entities are exempted for filing, and instead there will be an interim VAT bill issued based on the last payment(Jan. 25, 2021).

NTS choose those exempted entities which sales revenue was less than 150mil.won in the last VAT return in Jan. 25, 2021.

Adding this help, if any small entity facing a difficulty(reorganization, lacking of sales, financial difficulties) to pay this time, they can apply payment delay or installment as well as a grace of payment, so you can apply it.

And also every sole-proprietors should have paid their interim vat bill so far, it was 2.4mil. sole-proprietors should paid it but this time it's only 0.9mil. sole-proprietors need to pay it.

However they need to file their 1st half VAT return in July without exemption.

Every entity or sole-proprietor can file the 1st quarter VAT return if they can take back the VAT as usual.

Any questions, please send me an email to jz@taxjz.com