"1.44 Million VAT-Exempt Individual Business Owners Must Report Business Site Status"
[Asia Economy Sejong=Reporter Kim Hyewon] Individual business owners with VAT-exempt income must report their business status by the 10th of next month.
The National Tax Service announced on the 17th that it will send notification letters starting from the 18th to 1.44 million VAT-exempt individual business owners regarding the 2022 business status report.
The reporting target industries include individual business owners exempt from VAT such as housing rental business, housing sales business, clinics and hospitals, academies, wholesale and retail of agricultural, livestock, and fishery products, flower shops, fisheries, funeral homes, reading rooms, employment agencies, private tutors, publishers, bookstores, and others.
Reports can be submitted using the electronic reporting services provided on the Hometax website and the mobile app (Sontax) without visiting the tax office. The 'Report Assistance Service' on Hometax and Sontax provides information on income reporting status for the past three years, industry-specific reporting precautions, as well as sales and purchase data such as electronic (tax) invoices, credit card, and cash receipts.
In cases of no actual performance, mobile reporting is convenient. Especially for the medical industry and housing sales business, mobile reporting is only possible if there is no actual performance. Housing rental business owners with business performance can also report via mobile. Housing rental business owners who own two or more houses with monthly rent income or three or more houses with a total deposit exceeding 300 million KRW must report their business status including income.
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The National Tax Service urged, "Those who must report their business status can receive simplified reporting services such as the 'Auto-filled Report' provided by the National Tax Service when filing the comprehensive income tax return for 2022 in May this year, so please report faithfully."
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