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?