From 2018, under the amended Value-added Tax law, the penalties on false tax invoice increased from 2% to 3%. Please be aware that the penalties are imposed to both supplier and the buyer.
- Case 1 – False tax invoice issued without a real/actual transaction.
Penalty calculation : Amount stated in the tax invoice x 3%
- Case 2 – Amount excessively stated in the false tax invoice.
Penalty calculation : Excessively stated amount x 3%
written by USCPA in Seoul Song I Yoon (firstname.lastname@example.org)