- South Korea has approved a tax reform proposal for 2023, which includes a new self-billing system allowing purchasers to issue their own tax invoices instead of relying on suppliers. This change is expected to simplify the invoicing process for businesses and expand the scope for e-tax invoicing.
- However, successful input VAT deduction will depend on compliance with related tax regulations, including seeking confirmation from a district tax office before issuing self-billing invoices. Businesses must have the necessary infrastructure and resources to comply with the requirements of South Korea’s e-invoicing system.
Source VATit
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