I only filed the amount I actually got settled from Smart Store as revenue — is that a problem?
Yes, it can be. The settlement amount already has the sales commission and similar fees deducted, but VAT must be filed based on the actual sale price — the supply value — so filing only the settlement amount as revenue can count as under-reporting and expose you to amended filings and penalties. We recommend filing based on the VAT filing data available under Smart Store's settlement-management menu, recording the total sale price as revenue and the commission as a separate expense.
Characteristics of Smart Store Income Structure
Key Deductible Expense Items
Tax Advantages for Smart Store Sellers
Check the dedicated VAT filing data
The [Settlement Management > VAT Filing Details] menu separately provides data based on the actual sale price (supply value), not the settlement amount. Filing on this data prevents under-reporting.
Online ad spend is fully deductible with no cap
Online advertising aimed at the general public, such as shopping search ads, is classified as advertising expense — unlike entertainment expense, it's fully deductible with no cap.
Consolidate management if you also run Coupang or your own store
If you run multiple channels together, you must consolidate each channel's settlement data to avoid missed revenue.
The Most Common Mistake We See
The most common mistake is filing only the settled amount as revenue. You must record the total sale price — not the settlement amount with the commission already removed — as revenue, and expense the commission separately; confusing the two can lead to under-reporting, amended filings, and penalties.