[Enforcement Decree of the Tax Act] Eight Additional Industries Including Car Wash Businesses to be Required to Issue Cash Receipts Next Year

[Asia Economy Reporter Kwangho Lee] Eight additional industries, including car wash services and machine tool retail, will be added to the list of businesses required to issue cash receipts.

The '2020 Tax Law Amendment Follow-up Enforcement Decree Amendment,' announced by the Ministry of Strategy and Finance on the 6th, includes this content.

Currently, the mandatory cash receipt issuance applies to 87 industries such as lawyers, hospitals and clinics, private academies, and furniture retail. Eight more industries will be added, including car wash services, machine tool retail, health supplement retail, wallpaper, flooring and mat retail, bag and other leather product retail, used furniture retail, camera and photography equipment retail, and motorcycle retail, expanding the total to 96 industries.

The enforcement date will be for transactions from January 1 of next year onward.

Additionally, the mandatory issuance of electronic (tax) invoices will be expanded from businesses with a previous year's supply amount (revenue) of 300 million KRW to those with 200 million KRW or more. This will apply to supplies from July 1 of next year.

Furthermore, starting January next year, the minimum ratio of operating income from assets donated to public interest corporations that must be used annually for public interest purposes will be raised from the current 70% to 80%.

This enforcement decree amendment will be announced for legislative notice until the 21st of this month, followed by procedures including vice-ministerial meetings and Cabinet meetings, and is scheduled to be promulgated and enforced next month.