South Korea’s e-invoicing and reporting mandates for the hospitality sector. Learn about current and upcoming regulations, along with partner solutions for streamlined compliance.
This is not a legally approved document. We are outlining what our customers do in South Korea regarding statutory requirements. They may utilize Cloudbeds alongside other third-party services to comply with all requisites.
E-Invoicing
The South Korean e-invoicing system mandates the issuance of an e-invoice to the recipient and reporting of this invoice data to the government portal within a day of its issuance.
- Before e-invoices are transmitted, suppliers must digitally sign them with a PKI electronic signature.
- E-invoices are reported in an XML format to the National Tax Agency (NTS) Portal.
- The e-invoicing system falls under the category of Continuous Transaction Control (CTC) due to the near-real-time reporting time limit.
- 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 South Korean tax authority has announced that from 1 July 2023, the threshold will be reduced further to KRW 100,000,000 (around $83,000).
These mandates reflect the requirements and practices of the e-invoicing system in South Korea, which has been in place for several years and has undergone various expansions and threshold adjustments.
Partner Solutions:
- Cloudbeds does not currently have an automated solution; however, we are looking to solve this soon.
Fiscalisation Receipts
Current Mandates: No current or upcoming mandate.
Statistical Reporting
Current Mandates: No current or upcoming mandate.
Guest Reporting
Current Mandates: No current or upcoming mandate.
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