6.71 Million People Subject to July VAT Final Filing... Must File and Pay by the 25th

Number of Eligible Recipients Increased by 260,000 Compared to Last Year
National Tax Service Provides Filing Assistance Service

Taxpayers subject to the first value-added tax (VAT) final return this year must file and pay their VAT by the 25th of this month.

The National Tax Service (NTS) announced on the 4th that the number of taxpayers subject to the 2024 first VAT final return is 6.71 million, an increase of about 260,000 compared to the same period last year (6.45 million). Among them, 5.43 million are individual general taxpayers, and 1.28 million are corporate businesses, increasing by 210,000 and 50,000 respectively.

Simplified taxpayers who issued tax invoices in the first half of this year (January 1 to June 30) must also file and pay by the 25th. For the 50,000 simplified taxpayers subject to provisional assessment who did not issue tax invoices, the assessed provisional tax amount must be paid by July 25.

Filing can be done easily and conveniently by using the HomeTax (PC) pre-filled service (a total of 30 types) provided by the NTS. If there is no business performance, filing can be done simply via Hometax (mobile) or ARS.

The NTS will sequentially send filing guidance letters by the 15th to simplified taxpayers who issue tax invoices and are unfamiliar with tax filing, new individual general taxpayers, and those eligible for the Tax Secretary service. Taxpayers who have difficulty filing can use the Tax Secretary service to prepare their returns through simple Q&A. The NTS has improved taxpayer convenience by immediately verifying the validity of refund account numbers entered by taxpayers, reducing delays in refund payments caused by incorrect account entries.

An NTS official stated, "After filing, we analyze the filing details, including whether 'individual assistance materials' were reflected, and conduct filing content verification for those who file insincerely." He added, "We ask taxpayers to file sincerely by referring to the provided filing assistance materials with the awareness that 'faithful filing is the best tax saving'."

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