The current revenue threshold for a regular tax audit is KRW 150 billion. This means the relevant tax authority conducts its periodic tax audit every five years if the taxpayer's revenue exceeds KRW 150 billion annually.
The National Tax Administration Reform Committee held a meeting and has decided to increase the threshold from KRW 150 billion to KRW 200 billion. The applicable tax year for the 2024 tax audit is the tax year of 2022.
However, it is noted that a dominant market player would be subject to a periodic tax audit regardless of the change. Also, the relevant tax authority can conduct a special tax audit based on an analysis of the data held by NTS.
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