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South Korea VAT coronavirus reliefs

  • Apr 17, 2020 | Richard Asquith

17 April update - small taxpayer (revenue up to KRW 48million) are exempted from charging or remiting VAT until 31 December 2020 on goods and services.

1 April - South Korea has introduced a number of Value Added Tax easements to help businesses during the economic slowdown. The easements include:

  • Small businesses below KRW 80million annual turnover will enjoy reduced VAT payments for the rest of 2020.
  • The threshold for micro businesses to enjoy reduced VAT is being increased from KRW 30million to KRW 48million until the end of this year.
  • Tax filings and payment delays of up to nine months may be provided on application.
  • A 70% discount on VAT on car purchases from March to the end of June.

There are also a range of direct tax reliefs, targeting areas most affected. Follow Avalara’s live global coronavirus Covid-19 VAT tracker of measures being introduced to reduce the tax burden.

Explore more content like this in our Building for COVID-19 recovery hub

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is the former VP Global Indirect Tax at Avalara
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