The South Korean government introduced an electronic tax invoice called e-Tax around 2010. The government has always set a threshold to identify private entities covered, and the e-invoice scope is being gradually expanded by reducing that threshold. Obligated VAT payers transmit their invoices to the tax authority via the National Tax Service (NTS). All responsible companies must have a digital certificate before generating an e-Invoice.
- 1. Will e-Invoicing come into effect for all taxpayers at the same time or will there be a gradual implementation?
- 2. What are the submission methods?
- 3. What is the e-Invoice format in South Korea?
- 4. Is an electronic signature requested before the transmission of the invoices?
- 5. Will there be an archiving period for the invoices?
Source SNI
