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Infolawyer
Infolawyer, Attorney
Category: Business Law
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Experience:  Experienced lawyer
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Hi, We are preparing summary of VAT and WHT in Europe when

Customer Question

Hi,

We are preparing summary of VAT and WHT in Europe when a US business entity engages in European business.
We prepared the same thing for Korea and am seeking for a legal advice to do the same for Europe.
I expect that it will be more complicated because of UK and non-EU countries.

Here is what we have prepared for Korea.

South Korea - VAT is 10% but it is not imposed to foreign merchants. It is only imposed on the amount that is left in Korea. For example if the sum of the fee left in Korea is 7% of transaction value, the VAT is 0.7% of transaction value, making the sum of deduction 7.7% of transaction value. WHT is 0% for foreign merchants thus not deducted. Therefore, 92.3% of transaction value is remitted to the merchant. The currency is KRW until is remitted to merchant and currency exchange will occur at remittance. FX rate information from an agreed source such as Oanda.com can be used. Danal Korea prefers using the FX rate at the moment of remittance. This applies to all three types of the merchant business (online, mobile device, console).
Submitted: 5 years ago.
Category: Business Law
Expert:  Fran-mod replied 5 years ago.
Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find a professional to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 5 years ago.
Yes, I am still waiting for an answer. Thank you.
Expert:  Fran-mod replied 5 years ago.
Sometimes, finding the right Expert can take a little longer than expected and we thank you greatly for your understanding. We’ll be in touch again shortly.
Expert:  Fran-mod replied 5 years ago.
Thank you for your patience, your business is very important to us, we are waiting on a professional with the right expertise to come online. Feel free to let us know if you would like us to continue searching for a professional or if you would like us to close your question. Thank you for your understanding!