Statutes of the Republic of Korea

No. 34993
Promulgation Date 2024-11-12
Ministry of Finance and Economy

ALL

CHAPTER I GENERAL PROVISIONS

Article 1 (Purpose)

Article 2 (Scope of Goods)

Article 3 (Scope of Services)

Article 4 (Classification of Business Activities)

Article 5 (Scope of Simplified Taxable Persons)

Article 5-2 (Trustees’ Liability for Tax Payment in Kind)

Article 5-3 (Secondary Tax Liability Related to Trust)

Article 6 (Standards for Commencement Date of Business)

Article 7 (Standards for Closure Date of Business)

Article 8 (Places of Business)

Article 9 (Storage Spaces)

Article 10 (Temporary Places of Business)

Article 11 (Filing Applications for Business Registration and Issuance of Business Registration Certificates)

Article 12 (Registration Number)

Article 13 (Reporting on Business Suspension or Closure)

Article 14 (Modification of Business Registration)

Article 15 (Cancellation of Registration)

Article 16 (Renewal of Business Registration Certificates)

Article 17 (Waiver of Per-Business Unit Taxation)

CHAPTER II TAXABLE TRANSACTIONS

Section 1 Transactions Subject to Taxation

Article 18 (Scope of Supply of Goods)

Article 19 (Scope of Automobile-Related Business Types in which Use of Self-Produced or Acquired Goods for Other than Business Purposes Is Deemed Supply of Goods)

Article 19-2 (Cases Not Deemed Supply of Goods Because Goods Are Supplied to Reimburse Actual Expenses or Provide Welfare Benefits)

Article 20 (Scope of Donations for Business Not Deemed Supply of Goods)

Article 21 (Cases Deemed that Consignees or Agents Supply or are Supplied with Goods in Consignment Sales)

Article 21-2 (Cases Where Transfer of Trustor's Status Is Not Regarded as Supply of Trust Property)

Article 22 (Offering of Security Not Deemed Supply of Goods)

Article 23 (Transfer of Business Not Deemed Supply of Goods)

Article 24 (Tax Payment in Kind Not Deemed Supply of Goods)

Article 25 (Scope of Supply of Services)

Article 26 (Leasing Real Estate for Business Use to Related Persons Deemed Supply of Services)

Article 27 (Bonded Areas)

Section 2 Time and Place of Supply

Article 28 (Time of Supply of Goods by Specific Types of Transactions)

Article 29 (Time of Supply of Services Supplied in Installments or on a Conditional Basis)

Article 30 (Special Cases concerning Time of Supply of Goods and Services Subject to Issuance of Tax Invoices for Installment Payments)

CHAPTER III ZERO TAX RATE AND TAX EXEMPTION

Section 1 Application of Zero Tax Rate

Article 31 (Scope of Exportation)

Article 32 (Scope of Overseas Navigation Services by Ship or Aircraft)

Article 33 (Scope of Goods or Services Supplied for Acquisition of Foreign Currencies)

Section 2 Tax Exemptions

Article 34 (Scope of Unprocessed Foodstuffs)

Article 35 (Scope of Tax-Free Medical and Health Services)

Article 36 (Scope of Tax-Free Educational Services)

Article 37 (Scope of Passenger Transport Services Subject to Taxation)

Article 38 (Scope of Tax-Free Books, Newspapers and Magazines)

Article 39 (Scope of Tax-Free Tobacco for Special Use)

Article 40 (Scope of Tax-Free Financing and Insurance Services)

Article 41 (Scope of Tax-Free Lease of Housing and Land Appurtenant thereto)

Article 42 (Scope of Tax-Free Personal Services, Including Vocational Services of Authors)

Article 43 (Scope of Tax-Free Creative Works of Art)

Article 44 (Scope of Admission to Tax-Free Places)

Article 45 (Scope of Tax-Free Goods or Services Supplied by Organizations for Religion, Charity, Scholarship, Relief, or Other Public Interest)

Article 46 (Scope of Tax-Free Goods or Services Supplied by State, Local Governments, or Local Government Associations)

Article 47 (Scope of Organizations for Public Interest)

Article 48 (Scope of Nonprofit Publications-Related Services)

Article 49 (Scope of Tax-Free, Imported Unprocessed Foodstuffs)

Article 50 (Scope of Tax-Free Imported Books, Newspapers, and Magazines)

Article 51 (Scope of Tax-Free Goods Imported for Scientific Purposes, etc.)

Article 52 (Scope of Tax-Free Goods Donated to Religious Organizations)

Article 53 (Scope of Goods Exempt from Customs Duties in Accordance with Treaties)

Article 54 (Scope of Re-Imported Goods Qualifying for Customs Reductions and Exemptions)

Article 55 (Scope of Temporarily Imported Goods Qualifying for Customs Reductions and Exemptions)

Article 56 (Scope of Other Duty-Free or Duty-Reducible Goods)

Article 57 (Reporting on Waiver of Tax Exemption)

Article 58 (Procedures for Filing Reports on Reapplication of Tax Exemption)

CHAPTER IV CALCULATION OF TAX BASES AND AMOUNTS OF TAX

Section 1 Tax Bases and Tax Rate

Article 59 (Conversion of Foreign Currencies)

Article 60 (Value of Supply Based on Acquisition Value)

Article 61 (Calculation of Value of Supply through Credit Sales)

Article 62 (Criteria for Market Price)

Article 63 (Calculation of Value of Supply of Goods Common to Taxable Business and Tax-Free Business)

Article 64 (Calculation of Value of Supply of Buildings Supplied with Land)

Article 65 (Calculation of Value of Supply of Real Estate Leasing Services)

Article 66 (Calculation of Value of Self-Supply of Depreciable Assets)

Section 2 Charging in Transaction and Tax Invoices

Article 67 (Tax Invoices)

Article 68 (Issuance of Electronic Tax Invoices)

Article 69 (Issuance of Tax Invoices for Consignment Sales)

Article 70 (Grounds and Procedures for Issuance of Corrected Tax Invoices and Corrected Electronic Tax Invoices)

Article 71 (Exemption from Duty to Issue Tax Invoices)

Article 71-2 (Entrepreneurs Subject to Issuance of Purchaser-Issued Tax Invoices, and Procedures for Deducting Input Tax Amounts)

Article 72 (Import Tax Invoices)

Article 73 (Receipts)

Article 73-2 (Notification of Period Applicable to Issuance of Receipts by Simplified Taxable Persons)

Section 3 Amounts of Tax Payable

Article 74 (Deduction of Input Tax Amounts in Cases of Non-Submission of Sum Table of Tax Invoices by Seller)

Article 75 (Deduction of Input Tax Amounts in Cases of Erroneous Entry of Requisite Entry Items on Tax Invoices)

Article 76 Deleted.

Article 77 (Disbursements Not Directly Related to Business)

Article 78 (Transportation Business)

Article 79 (Business Development Expenses)

Article 80 (Input Tax Amount Related to Land)

Article 81 (Pro Rata Calculation of Common Input Tax Amounts)

Article 82 (Adjustment of Common Input Tax Amounts)

Article 83 (Recalculation of Amounts of Tax Payable or Amounts of Tax Refundable)

Article 84 (Calculation of Fictitious Input Tax Amounts)

Article 85 (Special Cases concerning Deductions of Input Tax Amounts in Cases of Converting Depreciable Assets from Tax-Free Business to Taxable Business Use)

Article 86 (Special Cases concerning Deductions of Input Tax Amounts for Goods in Stock in Cases of being Conversion to General Taxable Persons)

Article 87 (Scope of Tax Deductions for Bad Debts)

Section 4 Tax Deductions

Article 88 (Tax Deductions Subsequent to Use of Credit Cards)

Article 89 (Special Cases concerning Tax Deductions Subsequent to Issuance and Transmission of Electronic Tax Invoices)

CHAPTER V RETURNS AND PAYMENTS

Section 1 Returns and Payments

Article 90 (Preliminary Returns and Payments)

Article 91 (Final Returns and Payments)

Article 91-2 (Deferred Payment of Value-Added Tax on Imported Goods)

Article 92 (Lump-Sum Payments at Principal Places of Business)

Article 93 (Change in Lump-Sum Payments at Principal Places of Business)

Article 94 (Exclusion from, and Waiver of, Application of Lump-Sum Payments at Principal Places of Business)

Article 95 (Payments by Proxy)

Article 96 Deleted.

Article 96-2 (Special Cases concerning Supply of Services and Business Registration by Foreign Entrepreneurs Providing Electronic Services)

Section 2 Documents Required

Article 97 (Method of Submitting Lists of Total Tax Invoices)

Article 98 (Sum Table of Tax Invoices)

Article 99 (Scope of Persons Required to Submit Lists of Total Tax Invoices by Seller)

Article 100 (Submission of Statements of Cash Sales)

Article 101 (Submission of Accompanying Documents for Zero Tax Rate)

CHAPTER VI DECISIONS, RECTIFICATIONS, COLLECTION, AND REFUNDS

Section 1 Decisions

Article 102 (Deciding or Rectifying Agencies)

Article 103 (Scope of Grounds for Decisions and Rectifications)

Article 104 (Methods of Estimation in Making Decisions and Rectifications)

Article 105 (Collection of Value-Added Tax on Importation of Goods)

Article 106 (Refunds)

Article 107 (Early Refunds)

Section 2 Additional Taxes

Article 108 (Additional Taxes)

CHAPTER VII SIMPLIFIED TAXATION

Article 109 (Scope of Application of Simplified Taxation)

Article 110 (Time of Application of Simplified Taxation and General Taxation)

Article 111 (Calculation of Tax Bases and Tax Amounts for Simplified Taxable Persons)

Article 112 (Special Cases concerning Goods in Stock in Cases of Conversion to Simplified Taxable Persons)

Article 113 Deleted.

Article 114 (Returns and Payments by Simplified Taxable Persons)

Article 115 (Scope of Persons Exempt from Payment Obligations Who Are Not Subject to Additional Taxes for Failure to File Business Registration)

Article 116 (Waiver and Re-Application of Simplified Taxation)

CHAPTER VIII SUPPLEMENTARY PROVISIONS

Article 117 (Keeping and Preservation of Books of Account)

Article 118 (Selection and Report of Tax Managers)

Article 119 (Inquiries, Investigations, and Directions)

Article 120 (Forms)

Article 121 (Submission of Materials)

CHAPTER IX PENALTY PROVISIONS

Article 122 (Administrative Fines)

ADDENDA <Presidential Decree No. 24638, Feb. 28, 2013>

ADDENDA <Presidential Decree No. 25057, Jan. 1, 2014>

ADDENDA <Presidential Decree No. 25133, Jan. 28, 2014>

ADDENDA <Presidential Decree No. 25196, Feb. 21, 2014>

ADDENDA <Presidential Decree No. 25945, Dec. 30, 2014>

ADDENDA <Presidential Decree No. 26071, Feb. 3, 2015>

ADDENDA <Presidential Decree No. 26600, Oct. 23, 2015>

ADDENDA <Presidential Decree No. 26983, Feb. 17, 2016>

ADDENDA <Presidential Decree No. 27037, Mar. 11, 2016>

ADDENDA <Presidential Decree No. 27433, Aug. 2, 2016>

ADDENDA <Presidential Decree No. 27472, Aug. 31, 2016>

ADDENDA <Presidential Decree No. 27838, Feb. 7, 2017>

ADDENDA <Presidential Decree No. 27970, Mar. 29, 2017>

ADDENDA <Presidential Decree No. 28211, Jul. 26, 2017>

ADDENDA <Presidential Decree No. 28475, Dec. 19, 2017>

ADDENDA <Presidential Decree No. 28641, Feb. 13, 2018>

ADDENDA <Presidential Decree No. 29183, Sep. 28, 2018>

ADDENDA <Presidential Decree No. 29535, Feb. 12, 2019>

ADDENDA <Presidential Decree No. 29617, Mar. 12, 2019>

ADDENDA <Presidential Decree No. 29886, Jun. 25, 2019>

ADDENDA <Presidential Decree No. 30256, Dec. 24, 2019>

ADDENDA <Presidential Decree No. 30397, Feb. 11, 2020>

ADDENDA <Presidential Decree No. 30423, Feb. 18, 2020>

ADDENDA <Presidential Decree No. 30934, Aug. 11, 2020>

ADDENDA <Presidential Decree No. 30954, Aug. 19, 2020>

ADDENDA <Presidential Decree No. 31012, Sep. 10, 2020>

ADDENDA <Presidential Decree No. 31087, Oct. 7, 2020>

ADDENDA <Presidential Decree No. 31222, Dec. 8, 2020>

ADDENDUM <Presidential Decree No. 31380, Jan. 5, 2021>

ADDENDA <Presidential Decree No. 31445, Feb. 17, 2021>

ADDENDA <Presidential Decree No. 31450, Feb. 17, 2021>

ADDENDA <Presidential Decree No. 31543, Mar. 23, 2021>

ADDENDA <Presidential Decree No. 32352, Jan. 21, 2022>

ADDENDA <Presidential Decree No. 32419, Feb. 15, 2022>

ADDENDA <Presidential Decree No. 32449, Feb. 17, 2022>

ADDENDA <Presidential Decree No. 32734, Jun. 30, 2022>

ADDENDA <Presidential Decree No. 33271, Feb. 28, 2023>

ADDENDA <Presidential Decree No. 33474, May 16, 2023>

ADDENDA <Presidential Decree No. 33735, Sep. 26, 2023>

ADDENDUM <Presidential Decree No. 34019, Dec. 26, 2023>

ADDENDA <Presidential Decree No. 34270, Feb. 29, 2024>

ADDENDA <Presidential Decree No. 34488, May 7, 2024>

ADDENDA <Presidential Decree No. 34993, Nov. 12, 2024>