Injoys Life

This content applies specifically to South Korea. Receiving cash receipts through a phone number is not enough to claim an income deduction: you must register that number in Hometax, the tax service portal. Check the transaction history the day after registration to see whether the receipts appear. Register the number, then check the deduction In Hometax, open the cash receipt section for employees and consumers, then the menu for managing issuance methods, meaning the numbers or cards used to identify receipts. Check the phone number used at payment and register or correct it. Under the law effective September 18, 2026, general cash receipt spending has a 30% income deduction rate, compared with 15% for general credit card spending. Combined annual eligible spending must exceed 25% of total wages. A deduction reduces taxable income; it does not return 30% of spending in cash. Checking these conditions helps you judge which recorded receipts can count toward the deduction. A man ...

This content applies specifically to South Korea. If you have a VAT interim payment notice for the second taxable period of 2026, the standard payment deadline is November 2, 2026. Corporations required to file an interim return must file and pay by October 26, 2026, unless a payment extension applies. Separate the payment from the return Individual general VAT taxpayers and small corporations generally pay the notice amount without filing a separate interim return. The notice bills 50% of the tax paid for the preceding taxable period, here the first half of 2026. You can check the amount through Hometax, the National Tax Service's online tax portal, to plan for the payment. A woman checks a phone at a bicycle repair shop with a waterline on the wall. VAT interim notice checks in one place The original article on OnBinder helps you distinguish payment obligations from filing obligations, with business categories and deadlines shown together. Its Hometax steps explain where t...

This content applies specifically to South Korea. If you regularly earn money from videos in Korea, business registration is required, and VAT exemption still leaves an income tax filing obligation. Recurring advertising, sponsorship and viewer support income counts as business income.   What determines VAT status Check employees and business facilities before assuming a solo channel is exempt. Having staff or physical facilities for business use puts the activity in the taxable media content creation category. Having neither places it in the VAT-exempt solo media content creator category. Professional filming equipment and a separate studio are examples of facilities. It helps to distinguish exemption from simplified taxation. Simplified taxation changes how value-added tax, or VAT, is calculated. Its general threshold, expanded in July 2024, is previous-year total sales below 104 million won, but business-type and other exclusions can still apply. Woman video creator seate...

This content applies specifically to South Korea. Already enrolled automatically in a local insurance plan? You still need to file a separate claim with proof of the incident. South Korea's Small Business Mutual Growth Insurance depends on local eligibility rules, and there is no common nationwide application deadline.   Check what the cover would pay for For credit life insurance, the standard maximum coverage is 10 million won, based on the Financial Services Commission announcement dated September 1, 2026. The main benefit goes first toward repaying the loan after death or a covered illness. It is not a living-expense payment. For business or accident losses, check the local property and casualty product. Eligibility may depend on industry or sales. Confirming enrollment and the coverage start date before preparing a claim can clarify the next step.   Mutual Growth Insurance local guidance The original article on OnBinder has regional eligibility and application t...

This content applies specifically to South Korea. If your business operates in one of eight participating Chungnam areas, September 30, 2026 is the application deadline for fire insurance premium support. Eligible small businesses maintaining fire insurance purchased in 2026 may receive 80% of the coverage premium, up to 240,000 won per year. This can reduce an operating expense, although payment depends on document review. The easily missed detail is that the calculation uses the coverage premium , not necessarily the total premium paid. Savings premiums are excluded.   What the 80% calculation means The estimated amount is the coverage premium multiplied by 80%, subject to the annual cap of 240,000 won. For the article’s example, a 300,000 won annual coverage premium produces 240,000 won in estimated aid, exactly reaching the cap. Check the policy’s premium breakdown before entering an amount. If coverage and savings portions are not shown separately, request the details f...