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Tax Info at a Glance

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Subject
VAT_ExImport    What if I have mistakenly issued an electronic tax invoice twice?
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Date
2024-01-17
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Hello,

While processing the value-added tax (VAT) report, I discovered that an electronic tax invoice was issued twice. The details of the duplicate issuance are as follows: (*) On October 31, 2023, the taxable amount is 15,462,500 KRW, and the VAT is 1,546,250 KRW.

I would like to inquire about the method for issuing corrections and the issue of additional tax.

Answer
Kindly find replies to your inquiry: 
 
The method for correction issuance is to issue a tax invoice with a negative (-) sign, following the contents of the initially issued tax invoice (Article 70, Paragraph 1, Item 7 of the Tax Law). In other words, issue a tax invoice with a negative value for the "original date" as a correction for the "duplicate issuance due to a mistake"
 
For example:
(*) On October 31, 2023: -15,462,500 / -1,546,250.
Regarding the additional tax issue, it can be viewed as "before reporting" and "after reporting":
 
(*) If the duplicate issuance is discovered before reporting, and correction is issued:
    -> For both the supplier and the recipient, it will be acknowledged as normal without additional tax.
 
(*) If the duplicate issuance is discovered after reporting, and correction is issued:
    -> Supplier: File an amended return for the reduced sales and no additional tax will be imposed.
    -> Recipient: If double deduction was claimed, there will be additional tax for non-compliant reporting and delayed payment.
 
I hope this clarifies the process for correction issuance and the implications regarding additional tax.
Thank you.
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