South Korea decreasing the threshold

The South Korean government has started to implement both B2G and B2B e-Invoices since 2011. The scope is gradually expanding. For example, at first taxpayers whose annual sales threshold is more than KRW 300,000,000 (USD 264,500) must issue electronic VAT invoices in 2014. Second, the threshold was reduced to KRW 200,000,000 (about USD 160,000) on July 1, 2022, and from July 1, 2023, the threshold will be reduced to KRW 100,000,000 (about USD 83,000). Generated electronic VAT invoices must be in XML format, digitally signed and stored for 5 years after issuance date.


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