Overview

A tax refund occurs when taxpayers have paid more tax than their actual liability. Common scenarios include year-end settlement refunds for employees, comprehensive income tax refunds for freelancers, and VAT refunds when input tax exceeds output tax. The Tax Refund Calculator estimates the refund by comparing prepaid tax against the final determined tax.

Formula

Refund = Prepaid Tax - Final Tax (positive = refund, negative = additional payment). Employment Refund: Total withholding - Year-end final tax. Business Refund: Interim payments + Withholding - Final comprehensive tax. VAT Refund: Output Tax - Input Tax (refund when input exceeds output).

How to Use

1. 1Select the income type (employment, business, VAT, etc.).
2. 2Enter the total prepaid tax (withholding, interim payments, etc.).
3. 3Enter the final determined tax amount.
4. 4Click Calculate to see the estimated refund or additional payment.

Tips

• ✔Year-end settlement refunds are typically reflected in February or March paychecks.
• ✔Comprehensive income tax refunds are deposited to the registered account in June or July.
• ✔Early VAT refunds (for exports, facility investments) are processed within 15 days of filing.
• ✔Amended returns allow recovery of overpaid taxes within the past 5 years.
• ✔Check and apply for refunds through the NTS Hometax portal.

FAQ