Tax Accounting Level 1 (Korea)
Korea Tax Accounting Level 1 (세무회계 1급, South Korea)
Vat And Framework ActEnglish
Exam overviewPractice session
Company BP operates both a VAT-taxable manufacturing business and a VAT-exempt agricultural packaging business. During the tax period, it incurred KRW 40,000,000 in common input VAT (공통매입세액) on administrative computing systems serving both divisions. During the period, taxable supply value was KRW 600,000,000 and tax-exempt supply value was KRW 400,000,000 (total supply value KRW 1,000,000,000). What is the non-deductible common input tax (불공제 공통매입세액) under Article 40 of the VAT Act?
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