개인사업자 폐업신고절차1. VAT report by the 25th of the following month
2. Report global income tax by the end of May of the following year
3. If there is labor cost, submit the statement of payment
Reporting of cessation of business or suspension of business can be done in two ways.
1) Apply in person at the tax office, or
2) You can apply online at Home Tax.
When visiting the tax office, please bring your business registration certificate and ID.
💡 Report business closure at Hometax Shortcut to Hometax
Log in to Hometax with a joint certificate and click [Application/Submission] – [Application] – [Report Suspension/Closure].
After checking that the basic information such as business registration number is correct on the suspension/closure report screen, select the date of business closure and the reason for business suspension (closure) and click [Apply].
For businesses that require permission or registration/report when registering as a business, please separately report the closure of the licensed business to each relevant institution.
💡 Report loss of 4 major insurances for employees
If you are planning to report the closure of your business, you must also report the loss of employee social insurance.
If there are workers enrolled in the 4 major insurances, please report the loss of the 4 major insurances and report resignation from the workplace.
This can be done within 15 days of the employee’s resignation date (or business closure date) 🙆🏻♀️
The health insurance of the representative of the individual business owner is converted from an employee subscriber to a local subscriber.
If it is expected that there will be no income after closing the business, it is possible to adjust the health insurance premium.
💡 Submission period for each insurance
1. Obligatory application of the National Pension: Submit a report of withdrawal from business by the 15th of the month following the month in which the reason for business closure occurred
2. National Pension: Submit the withdrawal report to the National Health Insurance Service within 14 days from the date of business closure
3. National Health Insurance: within 14 days from the date of closure, submit a declaration of withdrawal and supporting documents
4. Employment insurance and industrial accident insurance: Expires on the day after the business is closed or closed
*Submit a report of extinction to the corporation within 14 days from the date of extinction
💡 Submit payment details (1% additional tax if not submitted)
A closed business must submit a statement of payment differently from the usual case.
1) For general payment statements, by the end of two months after the month in which the date of business closure falls.
2) Daily earned income payment statement and simplified payment statement by the 10th of the month following the month in which the date of business closure belongs
💡 VAT and income tax returns after business closure
How to report cessation of business VAT
If you need help, please open the consultation window and contact us 🙋🏻♀️
Channel Talk 1:1 consultation
#Closing business #Closing business #Closing procedure #Closing business tax #After-closing tax #Closing business tax #Closing business value-added tax #Closure business income tax #Closing business tax #Simple pay statement #4 major insurance #social insurance #loss report #withdrawal of business #home tax #closing business Report #report suspension #application for closure #application for suspension
ALE & Hankyung Tax Accounting
Tel 02-3667-4243 | e-mail tax@protax.co.kr
designed by suhodesign
All documents on this website are copyrighted by ALE & Hankyung Tax Accounting, and use for commercial purposes is limited.
Copyright 2009 PROTAX Tax Guide All rights reserved.
