South Korean VAT tax invoices require registration numbers, VAT amounts, and timing discipline. Everhour connects billable work to invoices.
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You need a client-facing invoice that states who sold the goods or services, who received them, what was supplied, the supply value, the VAT amount, and the date of preparation. South Korea uses VAT, not GST or sales tax, for taxable supplies. The standard VAT rate is 10 percent of the taxable supply value unless a zero-rate or exemption rule applies.
For a service invoice, include the supplier business registration number, supplier name or trade name, and buyer business registration number. Add item details, the supply date, the supply value, and VAT as a separate amount. Payment due dates belong in the commercial terms because South Korean VAT invoice-content rules do not set one universal net-payment period.
South Korea's Value-Added Tax Act treats compliant VAT invoices as tax invoices, so the tax line needs its own field. A line such as consulting services, supply value ₩1,000,000, VAT ₩100,000, total ₩1,100,000 keeps the taxable base and VAT visible. That separation helps the buyer support input-tax credit claims.
A common mistake is putting one total on the invoice and leaving VAT buried in the description. That creates a weaker billing record and forces the buyer to reconstruct the tax amount. Keep discounts, reimbursable expenses, and non-taxable items clearly labeled so the final VAT amount matches the taxable supply value.
A tax invoice is generally issued at the time the goods or services are supplied. The VAT Act permits statutory exceptions, including consolidated monthly issuance by the 10th day of the following month in allowed cases. Your invoicing process needs a clear supply date, preparation date, and period covered so monthly billing does not drift into late issuance.
Electronic tax invoices add another timing step. Corporate businesses and prescribed individual businesses must issue electronic tax invoices, and issuance details generally must be transmitted to the National Tax Service by the day after issuance under decree rules. A client invoice tool should help you prepare billing details, but the statutory transmission requirement still needs a controlled process.
A one-off invoice tool works for a small number of straightforward invoices when you already know the buyer details, VAT treatment, supply date, and payment terms. It is enough for preparing a clean client document, checking the 10 percent VAT line, and saving a copy for your own records.
A managed workflow becomes necessary when billable time, expenses, rates, approvals, and invoice status need to stay connected. Everhour Billing & Invoicing converts tracked billable time and expenses into invoices, calculates invoice amounts from rates while excluding non-billable tasks, and supports client defaults for taxes, discounts, contacts, and payment terms.
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 invoice for taxable supplies should use VAT. The country's VAT regime applies to taxable supplies of goods and services, and the standard rate is 10 percent of the taxable supply value unless a zero-rate or exemption rule applies.
A Korean VAT tax invoice must show the supplier's business registration number and name or trade name, plus the business registration number of the person receiving the supply. The business registration number is the tax-registration identifier assigned under VAT registration rules.
Yes, statutory exceptions can permit consolidated monthly issuance by the 10th day of the following month. The invoice still needs accurate transaction particulars, including item details, supply dates where required, supply value, VAT amount, and date of preparation.
Corporate businesses and prescribed individual businesses must issue electronic tax invoices rather than paper tax invoices. After issuance, the electronic tax invoice details generally must be transmitted to the National Tax Service by the statutory deadline, usually the day after issuance under decree rules.
The payment term should match the contract or agreed commercial terms. South Korean VAT invoice-content rules do not set a universal net-payment period, although overdue commercial claims can be affected by the Commercial Act default-interest framework.
Everhour Billing & Invoicing converts tracked billable time and expenses into invoices, calculates invoice amounts from rates, and excludes non-billable tasks. Invoices can use client settings for contacts, taxes, discounts, and payment terms, then export to QuickBooks Online, Xero, or FreshBooks with status sync back to Everhour.
Track approved billable time, expenses, and rates before invoice day. Everhour Billing & Invoicing keeps client billing tied to the work behind each invoice.
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