NTS (National Tax Service)
e-Invoicing in South Korea
Characteristics of the electronic invoice in South Korea
Electronic invoicing in South Korea has been expanding in both B2B and B2G since 2011. The invoicing system is called e-Tax.
Since 2014, all taxpayers whose sales exceed KRW 300 million (USD 264.5 thousand) per year must issue their VAT invoices electronically in real-time. The invoices must be sent to the National Tax Service (NTS).
From 1 July 2022, the threshold will be lowered to KRW 200,000,000 (around $160,000). 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).
The issuer must register with the NTS as a taxpayer and download a digital certificate to sign the invoices.