In July every year, half of the property tax for houses and buildings is paid. Property tax is a local tax paid to each local government by the owner of a house or building, based on June 1st as the reference date, rather than to the tax office. You can find detailed information on the types of taxes to be declared and paid each month here. Let's look at the calculation method for property tax. ..
Value Added Tax (VAT) is a tax that all citizens bear equally, with a 10% tax rate on products or services. Whenever anyone consumes goods or services, except for tax-exempt products, they are required to pay VAT. If consumers had to pay VAT to the tax office every time they purchased a product, it would be very cumbersome. Furthermore, it would be almost impossible to pay individual taxes in re..
If you receive property as a gift from your parents, you must report gift tax. If you receive a gift this month, you must report it within three months of the end of this month. However, what happens if you return the gifted property after receiving it? Gift tax must be reported within three months from the last day of the month in which the gift was received. The answer lies within this three-m..
Taxes must always be reported and paid at fixed times. Reporting on time and paying within the deadline can save you some money. National and local taxes must be reported and paid every month, but it's easy to forget when you have a busy life. The beginning of tax savings starts with timely reporting. To make it easy to find out when and which taxes to report and pay each year, a tax calendar ha..
When you lend money, interest is generated. This is called interest on non-business income. If you have interest income on non-business income, you must report it to the tax office. Just as you have to report income on the penalty fee when canceling a real estate contract, you also have to report income on the interest on non-business income. The income tax rate for interest on non-business inco..
Personal Debt Rehabilitation Personal rehabilitation is a system where a debtor with a certain income pays a court-determined amount over a period of 3-5 years. Typically, up to 90% of the debt can be exempted. Personal rehabilitation is a system where the debtor can keep their property intact while paying back the creditor the amount remaining from their income after deducting the minimum neces..
A, who operated a distribution corporation, has omitted the corporation's income. As a result, he has become a high-amount tax delinquent because of failure to pay the comprehensive income tax and other taxes imposed as *recognized bonuses. (*Recognized bonuses: Bonuses recognized as the representative director's bonuses in reality, though they are not the representative director's bonuses in na..
There are various forms of jointly owning real estate. In the case of jointly owning shares, the ownership is shown on the real estate registration certificate (real estate registration copy) in the form of "X out of Y" shares. If a couple jointly owns a property, for example, it may be registered with "1 out of 2 ownership" and if the land was inherited from a family member, various relatives m..
When cancelling a real estate contract, a penalty may be incurred depending on who cancels the contract, and it may be necessary to repay a portion of the penalty or not to return the already paid contract deposit. Those who benefit from the penalty must declare and pay 22% of the amount of profit generated as other income tax (detailed information can be found here). In the case of creditor-deb..
According to the Second Tax Payment Obligation, major shareholders who own more than 50% of the stocks issued by a corporation and have the right to exercise their voting rights are called controlling shareholders. Controlling shareholders are responsible for paying the corporation's taxes if it fails to do so. This is why controlling shareholders have the Second Tax Payment Obligation, which me..
Transfer income tax is a tax imposed on the difference in transfer value that occurs when transferring ownership of a building or land, ownership of fixed assets such as operating rights, usage rights, membership rights, transfer of real estate rights, and when transferring corporate stocks (listed and unlisted). Transfer income tax is a self-declared tax paid in the same manner as value-added t..
If you have issued a tax invoice, paid the value-added tax, but have not received money from your business partner, you can get a refund of the already paid value-added tax through the bad debts tax credits 대손세액공제 system. If you meet the conditions below, you can get a refund of the already paid taxes: The debtor has gone bankrupt, undergone compulsory execution, been subject to criminal executi..
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