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

Selin Adler Ring
February 16, 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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