the Republic of Korea
Updated threshold to comply with the electronic tax invoices
Korean government introduced an electronic tax invoice system (e-Tax) in 2011, which requires businesses to report e-invoices to the government's platform immediately after issuance. The requirement is being phased out based on businesses' revenue.
As of present, taxpayers whose annual revenue exceeds KRW 200 million are required to report e-invoices to the government platform. Starting from 1st July 2023, the threshold will be lowered to KRW 100 million (ca. USD 75 000)
In accordance with the 2023 tax reform, the threshold for mandatory e-invoices will be lower again from KRW 100 million to KRW 80 million, which will apply to transactions made after July 1, 2024.