- Overview of the E-Tax Invoice System: South Korea’s e-Tax invoice system, governed by the VAT Act and enforced by the National Tax Service (NTS), mandates real-time electronic invoicing for VAT-registered businesses, improving transparency and reducing tax evasion since its introduction in 2011.
- Implementation and Compliance Requirements: All VAT-registered businesses, including sole proprietors with revenue exceeding KRW 80 million, must comply with technical requirements such as digital signatures and XML formatting, while facing penalties for non-compliance. The system enhances tax compliance, operational efficiency, and environmental sustainability.
- Future Developments and Global Insights: As South Korea continues to evolve its e-invoicing framework, including potential international collaborations and advanced technologies like AI and blockchain, it serves as a model for global e-invoicing initiatives, offering valuable insights into effective tax digitization strategies.
Source eezi
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
