Regulatory updates - South Korea

Get the latest news and updates on e-invoicing, e-ordering, e-archiving and indirect tax regulatory requirements.

Get the latest news and updates on e-invoicing, e-ordering, e-archiving and indirect tax regulatory requirements for South Korea.
March 31 2023

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.

November 30 2022

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.

February 18 2022

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

Regulatory overview

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