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# South Korea VAT Calculator

VAT is a national Tax that is collected in South Korea on the supply of goods and services and imported goods. The current rate is at 10 % and is collected on each purchase. Some services that are exempt from Value Added Tax are piped water and cultural items.

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VAT is a national Tax that is collected in South Korea on the supply of goods and services and imported goods. The current rate is at 10 % and is collected on each purchase. Some services that are exempt from Value Added Tax are piped water and cultural items.

#### Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

### Example

Find the VAT price and net price in South Korea (GST % is 10) for an amount of 25000 ₩

Solution :
GST % = 10
Amount = 25000

Step 1 :
GST Price = (25000 * 10 ) / 100
= 2500 ₩

Step 2 :
Net Price = 25000 + 2500
= 27500 ₩

Hence the VAT Price is 2500 ₩ and Net Price is 27500 ₩

#### Remove Tax

Solution :
GST % = 10
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 10)))
= 25000 - (25000 * 0.91)
= 25000 - 22727.27
= 25000 - 22727.27
GST Price = 2272.73 ₩

Step 2 :
Net Price = 25000 - 2272.73
= 22727.27 ₩

Hence the VAT Price is 2272.73 ₩ and Net Price is 22727.27 ₩