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E-Invoicing in South Korea

In South Korea, electronic invoicing has been January 1, 2011 mandatory for certain companies and has since been step by step The central platform for electronic invoice transmission is the “Hometax” system of the Korean National Tax Administration (NTA). Companies with a certain annual turnover are required to issue invoices electronically and submit them to the tax authorities. This is intended to combat tax evasion and increase transparency and efficiency in accounting.

Timeframe

2011: Introduction of e-invoicing.

2014: All companies with an annual turnover of KRW 300 million (USD 264.5 thousand) or more must issue their invoices electronically in real time.

2022: The threshold will be lowered to 200,000,000 KRW (approximately 160,000 USD).

2023: The threshold will be further reduced to 100,000,000 KRW (approximately 83,000 USD).

applicability

The e-invoice primarily covers Business-to-Business (B2G) and Business to Business (B2B) transactions.

format

XML-Format

Electronic signature

Electronic signatures are mandatory.

Archiving

E-invoices must 5 years long be archived.

e invoice 2

GOpus® eInvoice

Our GOpus® eInvoice The solution can be integrated into SAP ERP and SAP S/4HANA and supports the creation of outgoing e-invoices in all international country formats. In this way, all your invoice contents can be created and sent between different international invoice issuers and recipients directly from your SAP system and all invoice documents can be archived in comprehensive monitoring. Integration into the SAP modules SD, FI, IS-H, IS-U and SAP Service Invoicing is possible. Further integrations are available on request.

More information about GOpus® eInvoice, can be found here ->

Do you have further questions about our solution or would you like to obtain more detailed information about the e-invoicing regulations in South Korea?

We will be happy to personally assist you with any further questions you may have about our solution and the regulations.

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