VATLive > Blog > VAT > South Korea import VAT deferment - Avalara

South Korea import VAT deferment

  • VAT
  • 25 January 2016 | Richard Asquith

South Korea import VAT deferment

South Korea is to become the latest country to offer an import VAT deferment scheme to help mitigate cash flow management for importers. The proposal would enable the importer of record to delay payment of both import VAT and duties until the next VAT return.

To qualify for the new scheme, which launches in July 2016 a number of conditions must apply:

  • Importers should be in the manufacturing and productions sectors, and the goods being imported must contribute directly to their business
  • They should have been active importers for at least three years
  • Importers must be small or medium sized businesses
  • Importing must make-up 30% or more of the business’taxable supplies

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.