VAT Returns Must Be Filed by the 25th... 'Tax Secretary Service' Also Provided to General Taxpayers

6.45 Million People Subject to Final VAT Return Filing

Individual general taxpayers and corporate businesses must report and pay value-added tax (VAT) on their business performance for the reporting period by the 25th of this month.

On the 6th, the National Tax Service announced that the number of taxpayers subject to the final VAT report for the first period of 2023 is 6.45 million, an increase of about 320,000 compared to 6.13 million for the first period final report last year.

Simplified taxpayers who issued tax invoices in the first half of this year must report and pay VAT by the 25th of this month. Simplified taxpayers who did not issue tax invoices only need to pay the assessed tax amount.

To support accurate reporting, the National Tax Service provides customized assistance materials through the Hometax 'Report Assistance Service' to 1.18 million businesses. By analyzing big data, external agency tax data, and tax bases (tax invoices, credit cards, cash receipts), additional customized assistance materials tailored to industry characteristics are provided to businesses. In particular, the National Tax Service has expanded the Tax Secretary service, which automatically completes tax returns through simple Q&A conversations, to general taxpayers as well (about 1 million people).

Additionally, as part of proactive administration to facilitate corporate cash flow and support exports and investments, the National Tax Service is making early refunds to small and innovative companies and export companies. If eligible companies apply for early refunds by the 25th, and there is no suspicion of improper refunds, the refund will be paid by August 4th, five days earlier than the statutory payment deadline of August 9th. For general refund applications, refunds will be paid early by the 14th of next month.

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