South Korea introduced a comprehensive e-invoicing model as far back as 2010, and is considered one of the leading e-invoicing jurisdictions in Asia, alongside places like Singapore, Taiwan, and Kazakhstan. South Korea launched a Integrated Tax System in 1997, which involved multiple layers of the tax administration system. In terms of e-invoicing, the two major elements of the system are the electronic invoicing obligation (the Electronic Tax Invoice) and an electronic reporting requirement (the Neo Tax Integration System).
Source SNI
Latest Posts in "South Korea"
- VAT Exemption Extended to Full Amount of Postpartum Helper Vouchers, Easing Household Burden
- South Korea Extends VAT Deduction for Tax-Exempt Agricultural Products to December 31, 2027
- South Korea Proposes Extending VAT Exemption on Farm Equipment to 2030
- NH Bank Launches Blockchain-Based VAT Refunds in South Korea Using Avalanche
- US President announces new trade and economic deal with China and commitments to Republic of Korea
