Do I need a business license for wholesale transactions? How can I issue a tax invoice?
These days, novice sellers who start selling on Instagram, Facebook, or SNS are wondering if they need a business registration card when purchasing goods at Namdaemun or if they must issue a tax invoice.
"Do I really need a business license? "
"Issuing a tax invoice..." Do I have to do it?"
First of all, Instagram or Facebook here... Those who don't have a business license yet will be worried.
Q. I don't have a business license, can I buy it at Namdaemun?
A. Yes, you can. Even if there is no business license, there is no problem with purchasing goods at Namdaemun.
When you go to the wholesale store for the first time, you feel like you are a beginner. Then you'll ask at the store.
"Where do you sell your products?"
"I mean, where is your retail store?"
"Are you selling it on the internet?
Because there are many people who sell and export without a business license. So I don't really care if the buyer has a business license or not.
These days, there are many people who sell it through SNS and many people sell it on Instagram, Facebook, or live broadcasts.
In fact, you need a business license to avoid tax-related problems later, but you can buy things at Namdaemun without a business license.
Q. "Do I have to get a tax invoice if I buy at wholesale mareket?"
A. If you have a wholesale transaction, you must get a tax invoice. However, if you look at realistic wholesale transactions, retailers deposit 10% VAT to wholesalers and receive purchase tax invoices only if they need a tax invoice.
Originally, by law, every transaction is required to ask tax invoices. These days, there are many people who sell on the side without a business license on Instagram or Facebook, so in reality, wholesale stores do not necessarily issue tax invoices.
Originally, it should be issued unconditionally, but there is a practical reason, and sometimes it is not issued for each other's convenience.
First of all, the tax invoice is supposed to set 10% of the transaction amount as VAT and send and receive.
For example, if you buy earrings that are 5,000 krw for wholesale at Namdaemun, you have to add 500 krw, which is 10% of the amount, as VAT, and buy them for 5,500 won in total and receive a purchase tax invoice.
However, it is troublesome for wholesale stores to issue tax invoices for each transaction. So, most wholesale stores close the transaction at the end of the month, get 10% of that transaction separately as VAT from the retailer, and then issue tax invoices to the retailers.
The wholesalers issues a paper tax invoice or an electronic tax invoice. In other words, the total transaction amount is issued on a monthly basis.
In other words, if you need it when you buy it, you can request the purchase tax invoice later, and if you don't need it, you don't have to ask the tax invoice according to the situation.
And for your information, if you don't ask the wholesaler to issue a tax invoice, they won't issue a tax invoice.
You shouldn't think that the wholesaler will be waiting for you after issuing the tax invoice. If you ask them to issue a tax invoice after the request period, they may blush each other.
As much as possible, please request the issuance of a tax invoice at the end of the month.
On the contrary, retailers pay 10% VAT to wholesalers and of course they will issue tax invoices. You don't have to worry about not getting the tax invoice issued.
However, there is a separate period for collecting transactions (monthly or early month) for each wholesale store, so you can tell the wholesalers the amount of tax invoice issued during that period.
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