What is a cash receipt
1. Concept
This is a system that has been in effect since 2005. When a consumer presents a cash receipt card, resident registration number, or mobile phone number along with cash, the details of the cash transaction are automatically notified to the computerized system of the National Tax Service through the operator’s terminal. When paying with consumer cash and paying with a credit card cashback card, membership card, or department store card, the details of the cash transaction are automatically notified to the National Tax Service’s computer system through the operator’s terminal. According to the system, consumers can buy goods or eat food and then call their resident registration number or mobile phone number along with cash at the checkout counter. 현금영수증 조회
2. Cash receipt income deduction
If an employee spends more than 25% of their total salary, a 30% deduction rate is applied, and 15% of the amount used by credit card is deducted from income.
In addition, what your spouse, children, or parents used is added to the amount used by the wage earner, and you can receive a cash receipt income deduction. For example, if the annual salary is 40 million won, it is advantageous to use a credit card for 10 million won, which is more than 25%, and then use a cash receipt or check card for income deduction. In this case, you can receive an income deduction for year-end settlement of cash receipts up to KRW 2 million. 이베이스매뉴얼
In order to use the cash receipt as year-end settlement, the transaction details are automatically notified to the National Tax Service through the operator.
After building a database, the National Tax Service organizes each individual cash receipt year-end settlement data and stores transaction details on the Internet website. Through this system, it is expected that the taxation infrastructure for individual entrepreneurs will be greatly increased, and it will be nurtured as a target for business operators mainly targeting consumers who do not have credit cards, such as businesses who have joined credit cards but avoid payment due to high fees, or minors. are doing
Reason for cash receipt
The reason for the cash receipt is a system that is being implemented to prevent tax evasion by the self-employed in order to understand the transaction details.
In addition, it may be difficult to track sales if the issuance is not issued at the business site. Since the income is low and the tax is also paid, it is recommended to make the issuance mandatory in the compulsory issuance industry. There are also benefits for business owners. A general taxable person can receive a 1.3% tax credit of the supply price, and a simplified taxable person can receive a 2.6% tax credit for food and lodging businesses.
The annual limit of 10 million won, corporate business owners and individual business owners exceeding 1 billion won in supply price in the previous year are excluded.
If a sole proprietor uses the telephone network to issue a transaction amount of less than 50 million won, 20 won per case can be deducted as a tax credit. The same benefits are provided at workplaces, and as explained above, office workers can receive a 30% tax deduction rate for cash receipts if they use more than 25% of their total salary, and the limit is set to the lesser of 20% of the total salary or 3 million won It’s possible.
Expansion of mandatory issuance of cash receipts
1. Existing
Source: National Tax Service
2. Zoom in
Source: National Tax Service
Eight industries were added with the mandatory issuance of cash receipts.
As of January 2022, there are eight industries, including health supplement retail business, bag and other leather goods retail business, wallpaper and floor coverings and upholstery retail business, used furniture retail business, tool retail business, camera and photographic supplies retail business, automobile car wash business, and motorcycle repair business. Since then, it has been additionally designated as a mandatory cash receipt issuance business. In the case of mandatory issuance, when a transaction is made in cash of more than 100,000 won per transaction, it must be issued even if the consumer does not request it.
A penalty of 20% of the transaction price will be imposed if the mandatory issuance is violated.
Violations of the issuance obligation before December 31, 2018 are subject to a fine of 50% of the non-issuance amount, and a penalty of 20% is imposed for violations after January 2019. In addition, business operators in the relevant industry are subject to fines for negligence or penalty tax for non-issuance even if they do not join affiliated stores (however, limited to cases where the membership period for affiliated stores has elapsed).
How to apply for a cash receipt
Let’s take a look at how to apply for a cash receipt when a consumer requests a private business (real estate agency) that does not use POS. This service can be performed for free through Hometax. The method is also very simple.
For how to apply for a certificate, access the National Tax Service Hometax and click the square at the bottom of Inquiry/Issue
This service can be used after logging in.
Click Apply for Cash Receipt Issuer in the upper right corner.
Merchant information, representative name, trade name, etc. are automatically set when you log in.
Go back and click Issue Approved Transaction at the top.
With the approval transaction issuance screen, it is not possible to issue retroactively to the transaction date, and the issuance details can be viewed the next day.
Information issued by a business operator on the same day can be canceled only through inquiry/correction/cancellation of issuance on the same day.
Cash Receipt Inquiry
You can inquire the total of usage history for the last 3 years (37 months) through the cash receipt inquiry.
Depending on the data structure, it may not be possible to search around 04:00 ~ 05:00 every day, and only the transaction details issued by the cash receipt issuance method registered in Hometax are inquired. MY Hometex -> Cash Receipt -> Click Check Cash Receipt Usage History
As above, you can view your cash receipts by day, week, or month.
When inquiring, you can check the name of the affiliated store, the amount used, the method of issuing the approval number (mobile phone number, cash receipt card number, membership card number, etc.) and whether or not deductions are made.
I also looked at the cash receipt inquiry above.
When receiving income deduction, using a cash receipt after credit card for up to 25% of the total salary is the most helpful for year-end tax settlement. We also looked into how to apply for cash receipts at workplaces without equipment. For existing industries and mandatory industries that have been expanded from 2022, please check the exact sales and prepare well for the May global income tax so that there are no problems with taxes. I’ll post it here. Thank you so much to everyone who watched till the end. Have a nice and happy day today!
For year-end settlement, workers may be very interested in checking and issuing cash receipts. Today, we will look at how to register, voluntarily issuance, etc.
How to check cash receipt
When you enter the National Tax Service Hometax website, click the ‘Inquiry/Issue’ tab and click the ‘Receipt Inquiry’ button.
Here, you can conveniently check your cash receipts and check your usage history. You can check by day, week, or month.
If you click Query Total Usage History, you can quickly find out the amount by year of inquiry.
Since you can know the amount to be deducted, it can be convenient even when reporting income deduction.
How to issue a cash receipt
●Available on the Hometax site.
Go to the Inquiry/Issue Site tab and click Issue Receipt. It is not possible for individual members, but only for businesses and companies.
To facilitate issuing
●It is fastest to use after signing up
It is most important to use the cash-receipt service after signing up.
①Credit card terminal
-If you join a credit card merchant, you can join as a merchant at the same time.
②Issuance/application is possible at Hometax mentioned above
③ If you call the National Tax Consultation Center 126 with ARS, you can conveniently sign up as a merchant using ARS.
If the company refuses to issue
●Consumer can report.
We are operating a reward system for non-issuance reports.
If the amount exceeds 2.5 million won, the report reward is 2.5 million won, if it exceeds 50,000 won and less than 2.5 million won, it is 20% of the rejected amount, and if it is between 5,000 won and 50,000 won, it is 10,000 won.
If you have any questions, please contact the National Tax Service counseling number 126.
Cash receipt registration
●Available on the Hometax website of the National Tax Service.
Similarly, if you click the Inquiry/Issue tab, there is a button called ‘Receipt Issuance Method’. Click the Consumer Issuance Method button here.
If you register your mobile phone here, it can be recognized as a cash-receipt registration number when paying in cash.
In addition, if you enter a cash-receipt-only card and insert it, this will also be recognized.
To make it easier for you to deduct your income
In the process of registering cash receipts, there is ‘Enter the business attributable to the proof of expenditure’ at the bottom. If you register the business registration number of your place of work or owned business, you can receive both income deductions and cash-receipts as proof of expenses.
It can be much more convenient when handing over the tax deduction data to the company.
Voluntary issuance
Within 5 days from the date of receipt of cash
In case of supplying services or goods related to business and paying in cash, it is essential to issue a receipt for this.
If the consumer does not request the issuance of cash-receipt, it can be issued voluntarily by issuing the designated code 010-0000-1234 of the National Tax Service.
Mandatory issuance industry
If any of the above apply, you must
It must be issued unconditionally if it is a business service business, education service, accommodation or restaurant business, health business, or mail-order sales business.
In other industries, the issuance obligation is given from January 1, 2022 in the case of second-hand furniture retail business or other leather goods retail business.
If you do not voluntarily
●Even if the consumer does not ask for it, it must be done unconditionally.
In the case of non-issuance of cash-receipts, a 50% fine for non-issuance of the issuance obligation before December 31, 2018, and a penalty of 20% of the non-issuance amount for violations after January 1, 2019.
In other words, it is important to enter the National Tax Service designation code and process it.
thank you for reading.
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