Social

VAT can look simple at checkout, but it matters a lot in your books. This article explains what value-added tax is, how the basic calculation works for general taxpayers, and why the amount collected should be managed separately from business income. You’ll also learn the difference between supply price and consideration, plus why input tax can sometimes lead to a refund when it exceeds output tax. Read more : https://injoys.com/en/articles/what-is-value-added-tax-vat-korea #ValueAddedTax #TaxFiling #SoleProprietor #InputTax #OutputTax

Business owners, 2026 VAT filing comes with several updates worth checking before deadline season. Key changes include: • Fraudulent tax invoice surcharge increasing from 3% to 4% • Cash sales statement requirements for media content creators • Stronger documentation needs for proving actual business operations • A new cap on deemed input tax credits for used cars from July 1, 2026 The article breaks down what to review by business type so your filing results are not affected by missed details. Read more : https://injoys.com/en/articles/2026-vat-changes-korea-business-guide #VAT #TaxFiling #SoleProprietor #Corporation #TaxManagement

Planning for the July 2026 VAT filing period? The filing and payment window runs from July 1 to July 27, because July 25 falls on a Saturday. This guide breaks down who should pay attention—corporate taxpayers, individual general taxpayers, simplified taxpayers who issued tax invoices in the first half of 2026, and businesses newly converted to general taxpayer status. It also highlights 2026 rule changes and a practical pre-filing checklist: output tax, input tax, electronic tax invoices, credit card sales, cash receipts, and deductible expenses. Read more : https://injoys.com/en/articles/2026-july-korea-vat-filing-guide #VATFiling #BusinessTaxes #TaxPlanning #HomeTax #2026TaxLaw

The used cell phone market is no longer just about bargain hunting. High device prices, upgrade demand, online resale platforms, and trade-in programs are turning secondhand phones into a structured market. But tax rules are a major friction point: when businesses buy phones from individuals, they often cannot receive tax invoices, making input tax credits difficult even though VAT applies on resale. The article also looks at margin taxation in the EU/UK and what South Korea could consider next. Read more : https://injoys.com/en/articles/used-phone-market-vat-issue-korea #EverydayFinance #UsedPhones #VAT #MarginTaxation #TaxPolicy

Seoul’s small-scale housing renewal policy is getting a major update. New deregulation for Moah Housing and Moah Town could allow some projects near transit stations or major roads to reach up to 500% floor area ratio. Height limits and review procedures may also become more flexible, potentially improving project viability and housing supply speed. But the article also looks at the variables that still matter: construction costs, interest rates, land value, rental income, and owner consent. Read more : https://injoys.com/en/articles/seoul-moa-housing-town-deregulation #SeoulRealEstate #MoaHousing #MoaTown #HousingSupply

What does a 10,700 won minimum wage mean in monthly terms? The 2027 proposal raises the hourly rate by 380 won, or 3.7%, from 2026. Based on an 8-hour workday, that equals 85,600 won per day. Using the standard 209-hour monthly calculation, the pre-tax monthly equivalent is 2,236,300 won. The article also breaks down the implementation schedule, including the final announcement deadline of Aug. 5, 2026 and the planned effective date of Jan. 1, 2027. Read more : https://injoys.com/en/articles/2027-korea-minimum-wage-10700-won-guide #MinimumWage #LaborPolicy #MonthlySalary #KoreaEconomy