Documentation on South Korea

South Korea's electronic tax invoice (jeonja segeum gyesanseo) explained — mandatory for all corporations since 2011 and for sole proprietors with prior-year supplies of KRW 80 million or more since 1 July 2024, transmission to the NTS by the day after issue, Hometax and ASP routes, certificates, penalties from 0.3% of supply value, and the proposed 2027 field renaming.

Learn about VAT (부가가치세) rules in South Korea for businesses — the single 10% rate and its Local Consumption Tax share, why there is no registration threshold, simplified taxpayers, proxy payment and simplified registration for foreign suppliers, tax invoice content, the mandatory electronic tax invoice with next-day NTS transmission, filing deadlines, penalties, and the pending 2026 VAT Act bill.