This chapter contains the following topics:
Value-added tax (VAT) is a noncumulative tax that is imposed at each stage of the production and distribution cycle.
Businesses in South Korea are required to submit reports that list transactions involving VAT.
Note: For common VAT processing, please refer to the "Working with Generic VAT Processing" in the JD Edwards EnterpriseOne Applications Tax Processing Implementation Guide. |
This table lists the country-specific setup and functionality for South Korea.
Setup or Process | Description |
---|---|
User-defined codes (UDCs) | In addition to the standard software UDCs, set up UDCs to work with VAT reporting. |
Tax processing | In addition to the standard processes for reporting value-added tax (VAT), to process VAT tax in South Korea, review the overview of South Korean VAT. |