South Korea has announced they are extending the scope of e-invoicing. Mandatory e-invoicing for all corporate businesses has been in place since 2011 and from 2012 individual entrepreneurs that meet the threshold have been adhering to the e-invoicing obligations. The threshold at present is if the total supply for the previous tax year exceeds KRW 300,000,000 (around $250,000) individual entrepreneurs must adhere to the e-invoicing obligations.
From 1 July 2022, the threshold will be lowered to KRW 200,000,000 (around $160,000) and individual entrepreneurs will need to begin issuing e-invoices. If paper invoices are issued, there may be fines. The South Korean tax authority has also announced from 1 July 2023 the threshold will be reduced further to KRW 100,000,000 (around $83,000).
Source Taxbackinternational
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