Receipt & Tax Invoice — Sole Proprietor Procedure

Q: Receipt & Tax Invoice — Sole Proprietor Procedure

Korean sole prop: simplified vs general tax invoice. Check: **Simplified VAT** (<₩80M/yr revenue): ① No mandatory receipts (optional). ② No tax invoices. ③ Card sales auto-reported. **General VAT** (≥₩80M): ① Tax invoices mandatory. ② VAT separate (10%). ③ Monthly by 25th. **Cash receipt** mandatory for ≥₩100k transactions (HomeTax registered, auto-sent to NTS). Non-issue penalty 2%, non-filing penalty 20%. What to do: **Practical procedure**: ① After job, card terminal receipt sent to customer phone. ② Cash payment → HomeTax mobile app 'cash receipt' immediate issue (input customer phone or business no.). ③ Tax invoice request (general VAT) → HomeTax 'e-tax invoice' menu (customer business no. required). ④ Keep records 5 yr (monthly PDF backup). Korean tax consultant outsource ≈ ₩50-100k/mo (most sole prop use it, removes filing burden).

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Korean sole prop: simplified vs general tax invoice

Check: **Simplified VAT** (<₩80M/yr revenue): ① No mandatory receipts (optional). ② No tax invoices. ③ Card sales auto-reported. **General VAT** (≥₩80M): ① Tax invoices mandatory. ② VAT separate (10%). ③ Monthly by 25th. **Cash receipt** mandatory for ≥₩100k transactions (HomeTax registered, auto-sent to NTS). Non-issue penalty 2%, non-filing penalty 20%.

What to do: **Practical procedure**: ① After job, card terminal receipt sent to customer phone. ② Cash payment → HomeTax mobile app 'cash receipt' immediate issue (input customer phone or business no.). ③ Tax invoice request (general VAT) → HomeTax 'e-tax invoice' menu (customer business no. required). ④ Keep records 5 yr (monthly PDF backup). Korean tax consultant outsource ≈ ₩50-100k/mo (most sole prop use it, removes filing burden).

Receipt & Tax Invoice — Sole Proprietor Procedure

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Korean sole prop: simplified vs general tax invoice

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