A VAT system was first introduced into Korea on 22 December, 1976, through the Value Added Tax Act (“VATA”) (in Korean, “부가가치세법”). The VATA has been amended numerous times and is supplemented by Presidential Decrees (which are similar to an English “Statutory Instrument”) and Supreme Court case law.
Like many Korean laws, the VATA can be read in English here, and the English version is a good general guide. However, it is not primary law and is not always up to date. So the English version cannot be relied on.
The Korean VAT system is fairly closely modelled on the systems commonly found in European countries.
Source Ross Harman
