3 million individuals/corporate businesses must pay VAT by the 25th.

About 3 million individual and corporate operators will have to pay VAT by the 25th, the National Tax Service said.

2.21 million individual general taxpayers and 170,000 small corporate businesses with a total supply value of less than 150 million won during the previous tax period are subject to the notification.

The National Tax Service notified them of the tax amount equivalent to half of the amount paid during the previous tax period.

However, if the estimated tax amount is less than 500,000 won, the planned bill will not be sent.

620,000 corporate business owners must report and pay VAT for the second period of this year (July-September 2024) by the 25th.

The National Tax Service explained that you can get help by using the Hometax integrated inquiry service, pre-filling service, and self-verification service.

If export and small and medium-sized companies apply for an early refund by the 25th, they will pay the refund by the 4th of next month, five days earlier than the legal payment deadline.

If a business operator suffering from management difficulties due to disasters and disasters applies for an extension of the payment deadline, payment can be delayed for up to nine months.