1.82 Million Duty-Free Business Operators Must Submit 'Business Site Status Report' by the 10th

From This Year, Housing Rental Business Operators with Rental Income Under 20 Million Won Are Also Subject to Reporting

[Asia Economy Yeongnam Reporting Headquarters Reporter Yoon Yoseop] Individual business owners who are exempt from value-added tax, such as hospitals and clinics, academies, and residential rental businesses, must report their 2019 income amount and 'business site status' to the competent tax office by the 10th.

According to the National Tax Service, on the 16th of last month, business site status notification letters were sent to 1.82 million VAT-exempt individual business owners. Those subject to reporting can file their reports through the National Tax Service Hometax system without necessarily visiting the tax office. VAT-exempt business owners must file this report to receive simplified filing services such as the 'pre-filled report' from the National Tax Service when filing income tax in May.

In particular, from this year, residential rental business owners with total income of 20 million won or less are also included in the income tax taxable category and must file the exempt business site status report.

The exempt business site status report can be submitted both electronically and in person. For electronic filing, it is available through Hometax from 6 a.m. to midnight. Data such as credit card and cash receipt issuance, and electronic tax invoice issuance can also be checked and reported via Hometax.

If electronic filing is not possible, you can refer to the filing instructions and examples on the National Tax Service website, prepare the report, and then visit the business site’s competent tax office in person to submit it.

This content was produced with the assistance of AI translation services.