South Korean estimates need VAT-ready details before invoicing. Everhour keeps rates structured for billable project work.
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Use the estimate to confirm scope, price, tax treatment, and payment expectations before work starts. For South Korea, that means collecting the supplier and buyer business registration numbers early, since Korean VAT tax invoices use business registration numbers as core tax identifiers. The estimate itself is a proposal, but missing registration details create invoice rework after the buyer accepts the price.
Keep the estimate focused on the decision the buyer needs to make. Show each service or product line, quantity, unit price, expected delivery period, supply value, VAT treatment, total amount, currency, and payment due date. South Korean VAT invoice-content rules do not set a universal net-payment period, so the due date belongs in the contract, order, or accepted estimate.
A practical South Korea estimate should identify the supplier, the buyer, the contact person, the estimate number, the issue date, the validity period, and the project or order reference. Each line should describe the goods or services clearly enough for the buyer to approve scope without guessing. Add assumptions, exclusions, revision limits, or delivery milestones when those terms affect the final price.
For taxable supplies, separate the supply value from the VAT amount. South Korea uses VAT for taxable goods and services, and the standard South Korean VAT rate is 10 percent of the taxable supply value unless a zero-rate or exemption rule applies. A line showing ₩1,000,000 supply value and ₩100,000 VAT makes the later invoice easier to check.
A South Korean estimate should prepare for the VAT tax invoice without pretending to be the tax invoice. The Value-Added Tax Act requires a tax invoice to include the date of preparation, supplier registration details, buyer registration number, supply value, and VAT amount. Related decree rules add transaction particulars such as item details and supply date.
Electronic tax invoice rules matter after acceptance for many sellers. Corporate businesses and individual businesses prescribed by Presidential Decree must issue electronic tax invoices rather than paper tax invoices, and issuance details generally must be transmitted to the National Tax Service by the day after issuance. The estimate should collect the data that makes that step accurate.
A free estimate works well for a single project, a one-time service quote, or a buyer who only needs a PDF before approval. It is enough when the price is fixed, the scope is short, and no one needs to reconcile changing hours, member rates, reimbursable expenses, or phased delivery against the accepted estimate.
A managed workflow becomes useful when billable work changes after approval. Everhour separates cost and billable rates, supports per-person defaults and per-project overrides, preserves dated rate history, and prices work by project, member, or task. That structure helps keep the accepted estimate, tracked work, and final invoice aligned.
This content is for general information only, may not be fully up to date, and is provided without any warranty or liability.
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A South Korea estimate is a commercial proposal, not the VAT tax invoice used for tax reporting. The VAT tax invoice is generally issued at the time of supply, with statutory exceptions such as consolidated monthly issuance by the 10th day of the following month where the VAT Act permits it.
Collect the supplier business registration number and the buyer business registration number before approval. A South Korean VAT tax invoice must state the supplier's registration number and name or trade name, plus the registration number of the person receiving the supply, so those details should be confirmed before invoicing.
Yes. South Korean VAT tax invoices must separately state the value of supply and the VAT amount. An estimate that separates those amounts lets the buyer confirm the commercial price and check whether the later VAT tax invoice supports input-tax credit records.
The estimate does not replace the electronic tax invoice. Corporate businesses and individual businesses prescribed by Presidential Decree must issue electronic tax invoices, and issuance details generally go to the National Tax Service by the day after issuance. The estimate should capture the data needed for that later step.
Use the payment date agreed with the buyer. South Korean VAT invoice-content rules do not set a universal net-payment period, so ordinary due dates are contractual terms. Commercial overdue claims may be affected by the Commercial Act default-interest framework, but the estimate should state the agreed deadline plainly.
Everhour separates internal cost rates from client-facing billable rates and supports per-person defaults with per-project overrides. Rate changes can be dated, so older reports keep their original calculations while new work uses the updated rate for project, member, or task pricing.
Everhour Billing & Invoicing converts tracked billable time and expenses into client invoices. Users can select uninvoiced time and expenses, preview the breakdown, group line items by project, task, person, or date, and mark invoiced time so it does not appear again.
Set billable rates once, track approved project time, and use Everhour rate history to keep estimates, reports, and invoices consistent as work changes.
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