1. Localizations for South Korea
  2. Understanding Reports for South Korea

Understanding Reports for South Korea

Value-added tax (VAT) is a noncumulative tax that is imposed at each stage of the production and distribution cycle. Businesses in South Korea are required to submit reports that list transactions involving VAT.

The system includes the following VAT Reports for South Korea:

  • Tax Invoice Summary by Customer

  • Tax Invoice Summary by Supplier

  • List of errors