2024-01-07 02:30:54
Government considers raising the simplified value-added tax standard to 100 million won
The government is considering raising the simplified value-added tax standard to ease the tax burden on the self-employed and small business owners.
It is reported that the government is considering raising the standard from 80 million won to 100 million won in annual sales by enforcement ordinance before the tax law revision scheduled for around July.
If a self-employed person paying value-added tax is classified as a simplified taxpayer, the tax rate is applied at 1.5-4.0%, which is lower than the 10% rate for general taxpayers.
If this reform is carried out, the standard will be raised for the first time in four years since it was raised from 48 million won to 80 million won to ease the tax burden on small business owners in 2020, which was the COVID-19 period.
Reporter Park Ji-woon (zwoonie@yna.co.kr)
#Value-Added Tax #Self-Employed #Small Business #Ministry of Strategy and Finance
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