Regulatory updates - South Korea
Get the latest news and updates on e-invoicing, e-ordering, e-archiving and indirect tax regulatory requirements.
South Korea proceeds to allow self-billing for VAT invoices
The South Korean Ministry of Finance and Economics launched tax reforms that, while addressing many tax concerns, now allow for invoices issued by purchasers to claim deductions.
South Korean authorities lower the electronic tax invoicing obligation threshold
Taxpayers supplying goods and services with annual revenues of or greater than KRW 100 million (ca. EUR 73 000) for the preceding year will now be obliged to issue electronic tax invoices as of 1 July 2023.
South Korea extends the scope of the electronic tax invoicing mandate
Individual entrepreneurs supplying goods and services with a total amount of KRW 200 million (ca. EUR 147 000) or more for the preceding year are required to issue tax e-invoices, starting 1 July 2022.
Country Specifications
E-Invoicing/CTC Model:
RTIR
Mandatory Infrastructure:
National Tax Service (NTS)
Mandatory Format:
Local XML
Mandatory for Issuing:
Mandatory for:
– All Corporate Business Entities
– Individual Entrepreneurs – with thresholds KRW 200 million, KRW 100 million (ca. EUR 73 000) from July 2023
Mandatory for Receiving:
Buyer’s consent required
eSignature:
Required
Archiving Period:
5 years
Immovable property: 10 years
Archiving Abroad:
Allowed under conditions