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Stay Ahead: Key Tax Filing Dates for Canada in 2025
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January marks the start of a new year and, for business owners in South Korea, the critical period for corporate VAT filing. Navigating the
Corporate VAT in South Korea requires accurate reporting of sales and purchase taxes. The VAT rate is typically 10%, with filings due four times a year. Small-scale businesses with under ₩150 million in sales may qualify for simplified reporting, paying 50% of the previous period’s VAT in advance. Proper documentation and awareness of deadlines are essential to ensure compliance and avoid penalties. Businesses must differentiate between input and output taxes and track all transactions carefully.
