Neighborhood meat shops mandated to issue cash receipts from 2024

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The National Tax Service announced on Wednesday that South Korean neighborhood butcher shops are mandated to issue cash receipts for purchases exceeding 100,000 won ($78) in cash from January 2024 onwards. Thirteen additional business sectors, including meat retail, large-scale supermarkets, and department stores, must also provide cash receipts to customers, expanding the types of business required to issue these receipts.

Businesses falling under these newly added sectors must provide customers with cash receipts, even if the consumer does not request them, regardless of the type of taxation or amount of sales. Failing to issue the receipts could result in a penalty equivalent to 20 percent of the non-receipt amount of the purchases levied as additional duties, the National Tax Service said.

Korea introduced the cash receipt system in 2005 to increase transparency in the taxation standards for self-employed individuals.