KOREA-NTS-CASHRECEIPT

Korea NTS Cash Receipt mandatory 2005+.

Definition

Korea Cash Receipt operation: Buyer provides RRN (Resident Registration Number) or BRN (Business Registration Number) at cash payment moment ; seller issues via POS terminal connected to NTS Hometax network ; receipt printed with Korean RFID 2D barcode QR code ; real-time transmission to NTS database ; integration to annual VAT credits + tax deductions (year-end Yeonmal-jeongsan tax settlement). Categories: VAT-registered businesses obligation B2C cash KRW 10000+ and services KRW 100000+. Target: 2.4M Korean retail businesses (groceries, restaurants, gas stations, hospitals, salons, etc.). Cash Receipt non-issuance penalties: 20% transaction amount + KRW 500000 max.

Origin

Korea NTS Cash Receipt introduced 2005 by Korea Tax Reform 2004-2005 ; obligation extended B2B 2010 ; smartphone payment apps integration 2016-2020 ; ~2.4M businesses 2024 ; KRW 50 trillion+ transactions tracked annually.

Example in context

Seoul restaurant accepts cash payment KRW 35000 from customer: POS terminal requests Cash Receipt info, customer provides RRN, real-time NTS Hometax transmission, receipt printed QR code ; customer benefits 30% tax deduction at year-end Yeonmal-jeongsan.

Related terms

• Korea NTS e-Invoice — other NTS mandate.