17 Industries Including Home Appliance Repair Required to Issue Cash Receipts

National Tax Service Adds More Businesses Required to Issue Cash Receipts... Total Now 112

[Asia Economy Sejong=Reporter Kim Hyewon] Starting next year, 17 industries including home appliance repair services will be added to the mandatory cash receipt issuance list.

The National Tax Service announced on the 14th that from next year, 17 industries (approximately 490,000 people) will be additionally designated as required to issue cash receipts for cash transactions of 100,000 KRW or more per transaction.

The targeted industries include home appliance repair services, clothing and other household textile product repair services, retail of household textile products, retail of kitchenware and household glass and ceramic products, gas station operations for transportation equipment, retail of game equipment, dolls and toys, and retail of used home appliances and communication equipment.

Business operators in these industries must issue cash receipts for cash transactions of 100,000 KRW or more per transaction starting January 1 next year, even if consumers do not request the issuance of cash receipts.

An official from the National Tax Service pointed out, "If cash receipts are not issued, a penalty tax amounting to 20% of the unissued amount may be imposed." However, if the transaction counterpart does not request the issuance of a cash receipt, voluntary issuance within 5 days from the date the cash payment was received will not be subject to the penalty tax. Even if the receipt was not issued at the time of the transaction due to error or omission, if the cash receipt is voluntarily issued within 10 days from the date the payment was received, 50% of the penalty tax amount will be reduced. Businesses without cash receipt terminals can use the National Tax Service Hometax cash receipt issuance system.

The cash receipt system, first introduced in 2005 to promote the formalization of taxable income for self-employed individuals, has mandated the issuance of cash receipts regardless of consumer request for cash transactions exceeding a certain amount since 2010, starting with professional services and medical institutions. The number of mandatory issuance industries increased from 32 in 2010 to 87 in 2021, 95 last year, and will reach 112 next year. The total amount of cash receipts issued was approximately 141 trillion KRW as of the end of November.

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