Korea VAT

Korea's Value-added Tax (VAT) is applied to applicable transactions. Below are the important details regarding the implementation of Korea VAT:

• Country : Korea
• Tax Name : Value-added Tax
• Tax Short Title : VAT
• Tax Rate : 10%
• Tax Type : Handling Fee, Product, Commission, and Disbursement Fees

Illustration:

1. Korean Seller & Korean Buyer

   • Seller : KRVAT on Commission & Disbursement Fee
   • Buyer : KRVAT on Handling Fee (Exemption: No KRVAT on Product when both Buyer & Seller are Korean)

2. Non-Korean Seller & Korean Buyer

   • Seller : No KRVAT
   • Buyer : KRVAT on Product & Handling Fee

3. Korean Seller & Non-Korean Buyer

   • Seller : No KRVAT
   • Buyer : No KRVAT
     (Note: If Non-Korean Buyer is from the UK/EU, Korean Seller will be subject to UK/EU VAT on Seller Commission)

4. Non-Korean Seller & Non-Korean Buyer

   • Seller : No KRVAT
   • Buyer : No KRVAT