South Korea

South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern part of the Korean Peninsula and borders North Korea along the Korean Demilitarized Zone. The country’s western border is formed by the Yellow Sea, while its eastern border is defined by the Sea of Japan.

South Korean legislation does not define fiscalization requirements – no fiscal printer or other hardware device is required to be used nor are mandatory POS application functionalities specified.

However, for cash receipts there is a requirement for real-time communication via VAN service providers to the tax authorities. These subjects provide the retailers with a terminal through which this communication is managed.

For B2B transactions, e-invoicing is applicable implying sending e-invoices to NTS (tax authority) usually within one day of their issuing.

Need to get and/or to remain compliant?