Settlement

How can I change my settlement information?

Unfortunately, there is no way to update your bank account or company information by yourself. However, you can easily request an update by contacting us via email at [e-mail]. For bank account changes, simply provide the new account information for the next payments. For company information updates, please attach any official documents supporting the new company details. Our staff will process your request promptly, ensuring a quick and convenient experience.

How can be the VAT determined?

The total VAT amount is determined as 10% of the Amount Subject to Settlement. ONE store pays the VAT to the Korean National Tax Service on behalf of developers (other than South Korea) because it is difficult for them to handle the payment themselves. This amount is automatically deducted from the payments for developers, and you can check it in your monthly settlement statements.

What if the payment fails due to an incorrect bank account number?

If your bank account number was identified as a wrong number, the banks keep the payments temporarily. If such a situation happens, ONE store can request developers to update it to another one. Once the new bank information is updated, ONE store can retry the payment. In this case, the return and retrial fees can be deducted from the original settlement amount.

The settlement amount received differs from the invoice. Is there a reason for this?

ONE store covers the sending fees for international payment transactions. However, some banks may charge additional fees to the recipients. In some cases, multiple banks are involved in processing a single international payment. While ONE store pays the initial sending fees to the first bank, we are unable to cover any additional transaction fees imposed by intermediary or receiving banks. We appreciate your understanding of these complex circumstances.

What are the VAT regulations applied to settlements?

Discount payment amounts are excluded when calculating service fees.

• Legal Basis: Amendment to the Value-Added Tax Act (Supreme Court Ruling 2014Du298, June 23, 2016)

• Applicable Developers: All developers whose service provider is ONE store.

• Business-Specific Application (limited to South Korea sales)

  • ONE Store Co., Ltd.: The entire discount amount is excluded.

  • KT Corp. / LG Uplus Corp.: The discount amount is excluded only within the service fee limit.

• Settlement rules may differ based on the country or region of sale.

What is the amount subject to settlement?

The amount subject to settlement is the sales amount minus the amount deducted for discounts (coupons, points, memberships, etc.) used by users.

Does the developer’s revenue decrease by the amount deducted for discounts (coupons, points, and memberships, etc.)?

The amount subject to settlement used in settlements represents the “supply price (the total of reported VAT revenue and sales tax).” This has a different legal basis from the accounting revenue amount determined by each company’s accounting policies. Developers should internally decide, with accounting support, whether to recognize revenue based on the total sales amount or the amount subject to settlement (discounts excluded). Even if the sales amount is reduced due to discount (coupons, points, memberships, etc.) deductions, the actual settlement payment received by the developer remains unchanged.

Can I continue reporting VAT based on the total sales amount?

ONE store issues tax invoices for service fees after deducting the amount used from discount methods such as coupons, points, and memberships. As a result, the input VAT is reduced by the deducted amount. If you report output VAT based on the total sales amount without considering the deduction, you may end up reporting more VAT than necessary. Therefore, please report VAT based on the adjusted amount Subject to Settlement.

If the discount deductions exceed the “service fee based on the sales amount”, will a negative tax invoice be issued?

Discounts (coupons, points, memberships, etc.) are only deducted up to the limit of the service fee based on the sales amount. If discount usage exceeds this limit, no negative tax invoice will be issued.

How is VAT calculated?

The calculation method varies depending on the policies of different carriers and is determined on a per-purchase basis.

• Standard Policy (Effective for sales starting July 1, 2018)

  • Customer payment: 80:20 revenue share

  • Coupon/Point/Membership usage: 50:50 revenue share

• Calculation Method

  • Discounted amounts are categorized into amounts within/exceeding the service fee ratio limit

  • For detailed examples, please refer to the calculation file.

55KB

(overseas)Rules_for_VAT_calculation_example.xlsx

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For any additional inquiries, please contact [e-mail] with your Developer Center Account (ID).