VAT Refund for the foreign business individual/corporation

2015-06-23 08:22
The refund of VAT to the foreign business individual/corporation is stipulated on the paragraph 6 of the Article 107 of the "Restriction of Special taxation Act".

The official recipient of the document is the department chief of Individual taxation 1 of the SRTO (Seoul Regional Tax Office).

Required document to be submitted is as follows.
- Application for foreign business Transaction Description and VAT refund
- Certificate of Corporate Registry
- Power of Attorney to Dongnam Accounting Corporation
- Questionnaire
- Transaction list by foreign company and following evidential matters
- Letter to Namdaemum tax office for remittance application

The document should be submitted to the SRTO on or before the end of June, next year.
For instance, if a foreign businessman want to obtain refund of VAT for the FY 2014, then he should submit the document on or before June 30, 2015.

SRTO will determine the amount to be refunded until the end of the year.

Dongnam will represent the foreigners who are willing to get the VAT refund.