Notice of compliance with the invoice system
From 1 October 2023, a qualified invoice (the so-called ‘invoice’ system) under the Consumption Tax Act will be introduced.
We would like to inform you of our firm’s response to the introduction of the invoice system as follows,We would be grateful if each of our business partners could take the following measures
Firm’s Qualified Invoicing Business Number (Invoice No.)
The Firm’s invoice number will be provided on the invoice (including PDF files) each time you request it, but the legal treatment of the invoice is based on the amount of money you pay, such as initiation fee, interim fee, remuneration fee and other expenses such as actual costs, based on the individual contract with you and the consumption tax law. The following is a list of the legal requirements for the handling of legal matters.
Please note that the following types of receipts will no longer be issued after 1 October as a result of the implementation of this system.
Issuance of handwritten receipts
The following types of receipts will not be issued from 1 October onwards.
The company will not issue handwritten receipts.
Issuance of receipts with a portion of the invoice and receipt details removed.
The following handling of payment fees will be standardised.
To our suppliers
We will charge a flat rate for bank transfer fees for payments from our office to suppliers, irrespective of the amount.
The handling charges for payment of transaction amounts, which were previously borne by the supplier, will now be borne by our office.
However, we ask that suppliers bear bank transfer fees and other charges when making payments to us.
We would like to ask our suppliers to bear any bank transfer fees, etc. when paying us for transactions.
However, we ask for your understanding that all payments from our office to suppliers will be borne by our office.
We believe that the invoice system has significant deficiencies in line with actual practice. For this reason, we expect a great deal of confusion among businesses and in tax filing practices during the tax filing period from February to March 2024, and the above policy is subject to change at any time according to operational rules such as notices from the Ministry of Finance and the National Tax Agency. We would be grateful if you could take a moment to note that we may ask you to change your treatment accordingly.