Mandatory issuance of e-Tax invoices

From July 1, 2022, the subject of mandatory electronic tax invoice issuance will be expanded.

As of 2021, the total amount of taxation and duty-free supply for each place of business is 200 million won or more. Before the revision of the tax law, it was more than 300million won.

Penalty tax is imposed in case of non-issuance of electronic (tax) invoices.

On the 10th, the National Tax Service issued a 'Guide to the Expansion of E-Tax Invoice Mandatory Issuance Targets' that included such information.

An official from the National Tax Service said, "Please note that the total amount of taxation and duty-free supply for each business place will be expanded from 300 million won to 200 million won from July 1, next year for individual business owners who are subject to the mandatory issuance of electronic tax invoices."

In principle, e-tax invoices are issued for each supply period for each transaction.

In case of violation of the electronic tax invoice issuance obligation, penalty tax is imposed: 2% for non-issuance, 1% for delayed issuance, 0.5% for non-transmission, 0.3% for delayed transmission, and 1% for paper issuance.
Please send me an email if any questions to jz@taxjz.com