South Korea invoices need correct VAT fields and business identifiers. Everhour keeps billable rates organized before invoicing starts.
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A South Korea invoice should give the buyer enough detail to approve the charge, route it internally, and keep the document with its tax records. For taxable supplies, South Korea uses VAT, so the invoice should identify VAT rather than GST or sales tax. The standard South Korean VAT rate is 10 percent of the taxable supply value unless a zero-rate or exemption rule applies.
A practical invoice includes the supplier, buyer, invoice number, preparation date, item or service description, supply date, quantity or time basis, supply value, VAT amount, total amount due, payment terms, and bank details. South Korean VAT tax invoices use business registration numbers as the tax-registration identifiers, including the supplier's registration number and the registration number of the person receiving the supply.
The Value-Added Tax Act requires a VAT tax invoice to state the supply value, VAT amount, and date of preparation. Related decree rules add transaction particulars such as item details and supply date. Separating supply value from VAT matters because the buyer uses the document to support input-tax credit claims when the purchase qualifies.
Electronic tax invoice rules also affect the workflow. Corporate businesses and individual businesses prescribed by Presidential Decree must issue electronic tax invoices rather than paper tax invoices. After issuance, electronic tax invoice details must be transmitted to the National Tax Service by the statutory deadline, generally the day after issuance under the decree rules.
A South Korean tax invoice is generally issued at the time of supply. The VAT Act also allows statutory exceptions, including consolidated monthly issuance by the 10th day of the following month where permitted. That timing rule affects the tax invoice date, so avoid dating the invoice only by the day you remembered to bill.
Payment due dates are a separate commercial term. South Korean VAT invoice-content rules do not set a universal net-payment period, so the due date should follow the contract, purchase order, or client agreement. Commercial overdue claims can be affected by the Commercial Act default-interest framework, but the invoice itself should state the agreed payment term plainly.
A one-off invoice tool works for a simple job when you already know the client details, supply value, VAT treatment, and payment term. It is enough for a single service invoice, a short project, or a clean resale of goods where the invoice lines and tax fields are already confirmed.
A managed workflow becomes necessary when rates vary by person, project, or task. Everhour separates cost and billable rates, supports per-person defaults and per-project overrides, preserves dated rate history, and prices billable work by project, member, or custom task rate before the invoice is prepared.
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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South Korea uses VAT for taxable supplies of goods and services. A compliant tax invoice should identify VAT, not GST or sales tax. The standard VAT rate is 10 percent of the taxable supply value unless a zero-rate or exemption rule applies, and the invoice should show supply value and VAT amount separately.
The business registration number belongs on a Korean VAT tax invoice. The invoice must state the supplier's registration number and name or trade name, plus the registration number of the person receiving the supply. This identifier is the core tax-registration number assigned under South Korea's VAT registration rules.
Corporate businesses and individual businesses prescribed by Presidential Decree must issue electronic tax invoices rather than paper tax invoices. After issuance, the details must be transmitted to the National Tax Service by the statutory deadline, generally the day after issuance under decree rules.
VAT should appear as a separate amount from the taxable supply value. South Korean VAT tax invoice rules require both the value of supply and the VAT amount. Combining them into one total makes the invoice harder for the buyer to use for input-tax credit support and internal review.
The payment due date is generally contractual. South Korean VAT invoice-content rules do not set a universal net-payment period, so the due date should come from the contract, purchase order, or client agreement. State the due date, payment method, and late-payment language consistently with the agreed commercial terms.
Everhour separates internal cost rates from client-facing billable rates, with per-person defaults and per-project overrides. Dated rate changes preserve earlier calculations, and billable projects can use project rates, member rates, or custom task rates before invoice amounts are assembled.
Set rates before billing starts, keep dated changes intact, and price work by project, person, or task. Everhour keeps rate logic connected to billable work for cleaner invoicing.
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