VAT News

South Korea-Expansion of VAT rules for e-services

Under the existing Korean legislation, non-established businesses who make specified digital supplies to Korean consumers must account for Korean VAT on these supplies, and submit periodic VAT returns.

It has recently been announced that the scope of supplies included within this will be extended from 1 July 2019, and the following supplies will now fall under these rules:

-Advertising

-Cloud computing

-Brokerage services supplied via mobile phone/computer

Non-established businesses making B2C supplies to Korean consumers should consider whether VAT registration will be required in light of these changes.

Related articles

COVID-19 VAT Cashflow Tips (Part One)

COVID-19 is affecting business in ways no one thought possible. In order to free yourself from the burden of cashflow worry, we’re trying to do our bit to advice you on ways you can inject income into your bottom line.

Read more
HMRC Postpones Phase 2 Making Tax Digital Till April 2021

April 1 2020, was meant to be the date that HMRC launched phase II of making Tax Digital across the UK. However, due to COVID-19, they have made the decision to postpone the rollout by one year to April 1 2021. 

Read more
Coronavirus: Tax provisions and Easements by Country 

A country-by-country breakdown of the tax provisions and easements being implemented by individual country tax authorities.

Read more