Popular Search Terms
E-invoicing model:

RTIR/Clearance

Mandatory file format:

Local XML

B2G requirements:

National Tax Service (NTS)

Archiving requirements:

5 years

E-signature:

Required

Summary

Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.

Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.

Updates

03.14.23

|
  • Mandate information
Updated threshold to comply with the electronic tax invoices Korean government introduced an electronic tax invoice system (e-Tax) in 2011, which requires businesses to report e-invoices to the government's platform immediately after issuance. The requirement is being phased out based on businesses' revenue.    As of present, taxpayers whose annual revenue exceeds KRW 200 million are required to report e-invoices to the government platform. Starting from 1st July 2023, the threshold will be lowered to KRW 100 million (ca. USD 75 000)   In accordance with the 2023 tax reform, the threshold for mandatory e-invoices will be lower again from KRW 100 million to KRW 80 million, which will apply to transactions made after July 1, 2024.  

Schedule a free consultation

Let us show you how we can support your business to send 100% compliant e-invoices in 54 countries. Please provide your details and one of our team will be in touch.