E-Invoicing In South Korea
The National Tax Services (NTS)
- e-Tax Invoice
The South Korean government mandated real time electronic tax invoice which is called
e-Tax in 2014. Since 2014 VAT registered businesses whose turnover exceeds 300
million KRW (264.5 K US Dollars) are under obligation to send their invoices to the tax
authority via the National Tax Service (NTS). All responsible businesses must obtain a
digital certificate before issuing a tax invoice. The e-Invoicing requirement applied to
both legal businesses and individuals with a turnover of KRW 0.3 billion (about
$250,000). Currently, the annual sales threshold is reduced for taxpayers who must
issue and submit e-Invoices (from KRW 300 million to KRW 200 million) in July 2022.
The most recent change is a reduction in the threshold to KRW 100m (approx.
$76,000), which is set to take effect on 1 July 2023.