SOUTH KOREA
E-INVOICING
Latest update august 8th, 2024
On this page you will learn more on e-invoicing in South Korea
Delve into the compliance standards, unravel the e-invoicing framework and infrastructure.
Note: the Country Profile below is focused on the current eInvoicing and eReporting obligations.
Status: 🟢 Live
Covered by DT: 🟢 Yes
Scope
B2G/B2B/B2C invoicing thorugh a system is called e-Tax
Adoption timeline
- 2011: mandatory e-invoicing for a select number of Korean companies
- July 1, 2023: e-invoicing mandate expands to companies exceeding KRW 100 million in annual sales
Model
PRE – CLEARANCE MODEL
Electronic invoices must be submitted electronically to the National Tax Services (NTS) for approval, before they are issued to the buyer
Format
Local XML
Archiving
It is mandatory to store the invoice for 5 years
FAQ
When is electronic invoicing mandatory?DT-Brainfarm2024-06-12T10:09:08+02:00
Electronic invoicing has become mandatory in an increasing number of countries worldwide. This trend is motivated by the need to increase tax transparency, reduce tax evasion, and improve the efficiency of business operations. Additionally, electronic invoicing serves as a driver of innovation for businesses locally, promoting digitization and automation of administrative processes. Digital Technologies, with its advanced platform, stays updated on these regulatory developments, ensuring that your company remains compliant with the laws in force in every part of the world.
Visit our Electronic Invoicing Radar to stay updated on international regulations and news regarding e-Invoicing and e-Reporting.
In which countries is electronic invoicing mandatory?DT-Brainfarm2024-06-12T10:09:16+02:00
Electronic invoicing is mandatory in many countries, but regulations can vary significantly from one state to another. Many countries have implemented stringent regulations, each with specific requirements regarding models, formats, and transmission requirements. This fragmentation makes managing electronic invoices complex for companies operating internationally. The Digital Technologies platform is designed to be globally compliant, supporting your company in managing electronic invoices in any country where you operate, ensuring maximum compliance at all times.
To learn about the specific regulations of each country, visit our Electronic Invoicing Radar.
How does electronic invoicing work?DT-Brainfarm2024-06-12T10:09:24+02:00
Electronic invoicing involves the generation, sending, receiving, and storing of invoices in digital format, according to specific technical and regulatory standards, which vary from country to country. The Digital Technologies platform simplifies this process, automating the creation and sending of compliant invoices, reducing errors, and improving the operational efficiency of your company. With Digital Technologies, you can entrust the entire process to a single provider who handles invoice transmission in compliance with current regulations, thereby eliminating complexity and administrative burden.
For more information about our platform, visit the page.
When is electronic invoicing mandatory?DT-Brainfarm2024-06-12T10:06:43+02:00
Electronic invoicing has become mandatory in an increasing number of countries worldwide. This trend is motivated by the need to increase tax transparency, reduce tax evasion, and improve the efficiency of business operations. Additionally, electronic invoicing serves as a driver of innovation for businesses locally, promoting digitization and automation of administrative processes. Digital Technologies, with its advanced platform, stays updated on these regulatory developments, ensuring that your company remains compliant with the laws in force in every part of the world.
Visit our Electronic Invoicing Radar to stay updated on international regulations and news regarding e-Invoicing and e-Reporting.
DO YOU
WANT TO
KNOW MORE?
