KakaoBank announced on the 7th that it has launched the 'BugaSe Box,' a service that allows individual business customers to conveniently save and manage their value-added tax (VAT).
'BugaSe Box' is a business-exclusive product designed to help individual business owners save VAT incurred during business operations in advance. It features 'Automatic Saving' and 'VAT Report' functions that enable customers to prepare funds according to the biannual VAT payment schedule.
Customers who apply for 'Automatic Saving' can automatically deposit into the 'BugaSe Box' through the rules of 'Saving 10%' and 'Saving as Much as You Want.' 'Saving 10%' is a rule that saves 10% of the amount deposited into the individual business account. It deposits 10% of the total amount paid through various channels such as customer transfers, ATMs, card companies, and overseas remittances into the 'BugaSe Box' every day at 12 PM.
'Saving as Much as You Want' is a rule where customers save according to the amount and transfer cycle they set. On designated days on a daily, weekly, or monthly basis, the specified amount is automatically transferred from the individual business account to the 'BugaSe Box.'
The 'Saving 10%' and 'Saving as Much as You Want' rules can be applied simultaneously. Even without using the 'Automatic Saving' function, customers can press the 'Deposit' and 'Withdraw' buttons to make additional deposits or withdrawals anytime through the linked individual business account. One 'BugaSe Box' can be opened per business registration number, allowing free savings up to a maximum limit of 100 million KRW, with an interest rate of 2.00% per annum (as of January 7, 2025).
By using the 'VAT Report' function, customers can also manage their expected payment amounts in advance. The 'VAT Report' shows past payment details such as purchase amount, sales amount, and VAT payment status, as well as the expected payment amount, allowing individual business customers to see at a glance how much they need to save by the payment deadline without having to calculate VAT themselves.
On the actual payment day, customers can conveniently check and report VAT through the 'Check and Report VAT' service. KakaoBank has implemented a service that allows individual business owners to complete tax reporting, which they often find difficult, with just a few clicks through the app. Tax inquiries are free with no limit on the number of times, and tax reporting is available at 33,000 KRW per case. The service has gained great popularity, surpassing 500,000 users within one year of its launch.
To celebrate the launch of 'BugaSe Box,' KakaoBank will provide support funds of up to 1 million KRW to customers who open a 'BugaSe Box' from the 14th of this month until the 14th of next month. All individual business customers who newly open a 'BugaSe Box' will receive 3,000 KRW in support funds, and 10 selected customers through a lottery will receive double the balance of their 'BugaSe Box' as of the event end date, up to a maximum of 1 million KRW.
A KakaoBank representative said, "We prepared this product so that individual business owners, who worry every year during the VAT payment period, can manage VAT easily and conveniently," adding, "We will continue to add products and services that make the financial lives of individual business customers more convenient."
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