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South Korea VAT changes

  • VAT
  • 08 March 2013 | Richard Asquith

South Korea VAT changes

A range of changes have been implemented into the South Korean Value Added Tax regime in 2013. These include:

  • Additional input VAT allowances for minor incomplete or inaccurate invoices
  • New penalties on late VAT returns
  • Further allowances on the deductibility of input VAT on VAT-exempt export activity

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.