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Government compliance – South Korea

Navigating government compliance at your hotel (+Requirements by country)

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Government compliance – South Korea

Government compliance - South Korea

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 starting 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 in place; however, we are looking to solve this soon.

Disclaimer: Please note that this is for information purposes only. It does not constitute a legally binding document so you should also consult your local requirements.