Bookkeeping Tax Credit on Barun Tax & Accountinghttps://barun-tax.com/en/tags/bookkeeping-tax-credit/Recent content in Bookkeeping Tax Credit on Barun Tax & AccountingHugoen-USWed, 28 Oct 2026 00:00:00 +0000Just started a business in Korea: do you need to hire for bookkeeping? Simple vs. double-entry ruleshttps://barun-tax.com/en/blog/2026-10-28-new-business-bookkeeping/Wed, 28 Oct 2026 00:00:00 +0000https://barun-tax.com/en/blog/2026-10-28-new-business-bookkeeping/<p>A sole proprietor is a simple bookkeeping filer in the <strong>first year of business</strong> and in any year when prior-year revenue is below the industry threshold (<strong>KRW 300 million for wholesale and retail, KRW 150 million for restaurants, KRW 75 million for services</strong>), and may keep simple books. At or above the threshold, double-entry books are required, and filing without books adds a <strong>no-bookkeeping penalty (무기장가산세)</strong> of 20% of the calculated tax. A <strong>corporation uses double-entry books from the start</strong>.</p>