Audio Blog: South Korean E-Invoicing Summarized in 4 minutes

Selin Adler Ring

February 16, 2021

This blog was last updated on February 23, 2021

Welcome to the Sovos Expert Series, today we will be talking with Selin Ring, Regulatory Counsel at Sovos about your e-invoicing obligations when operating in South Korea and how these differ from your VAT requirements elsewhere. South Korea was one of the first countries to adopt an e-invoicing regime. The first mandate came into force as early as in 2011. The system comprises two different processes: The first one is issuance of the e-invoice and the second part is transmission of e-invoice to the National Tax Service System (NTS) within a day of its issuance. In other words, there is an e-invoicing mandate and a real time reporting mandate at the same time.

Listen as she answers your most critical questions:

Question 1: Could you give us a general overview of the South Korean e-invoicing system?

Question 2: What is the scope of the mandate?

Question 3: Is there any aspect of the South Korean system that makes it unique or different than other CTC systems?

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Author

Selin Adler Ring

Selin is Regulatory Counsel at Sovos. Based in Stockholm and originally from Turkey, Selin’s background is in corporate and commercial law, and currently specializes in global e-invoicing compliance. Selin earned a Law degree in her home country and has a master’s degree in Law and Economics. She speaks Russian, Arabic, English and Turkish.

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