Consumption/VAT/Sales Tax in South Korea
- Nature of the Tax
- Value Added Tax (VAT)
- Standard Rate
- Reduced Tax Rate
- A 0% rate apply for exports.
- Exclusion From Taxation
Goods for export, services rended outside Korea and other goods or services suppplied for foreign exchange earnings are zero-rated and the related input taxes incurred refundable.
Goods and services for basic life necessities, education, and medical services are also subject to exemption.
- Method of Calculation, Declaration and Settlement
- VAT is an indirect tax and is calculated as an output tax minus input tax to be deducted. VAT is in principle a general excise tax imposed on the consumption of all goods and services as well as on the importation of goods. More information on Invest Korea website.
- Other Consumption Taxes
- Special Excise Tax, Liquor, Tobacco Tax, Stamp, Energy, Environment, Transportation, Auto Tax, etc.
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