Consumption/VAT/Sales Tax in South Korea

Overview by Globlatrade.net:
Nature of the Tax
Value Added Tax (VAT)
Standard Rate
10%
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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