Question

Financial / Tax Reporting for South Korea and Japan

  • 20 September 2022
  • 4 replies
  • 130 views
SvenL
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  • SvenL
  • Sidekick (Customer)
  • 12 replies

Hi everyone,

please see related topic Korean Tax Reporting in IFS | IFS Community We have the same demand, but not rolling out Apps10. We will use IFS Cloud (currently 22R1), probably 22R2 when doing the rollout in our subsidiaries. 

Does IFS has a solution for it?

Thx
Sven

4 replies

Shanuka Lashan
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Hi @SvenL,

 

As per my knowledge, Localization for South Korea or Japan has not yet been introduced to IFS Cloud. You may refer PPT presentation in below article for more information.

 

Kind regards,
Shanuka.

spetkus27
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Hi Sven,

For the Korean reporting of invoices to the government we are actually now writing an interface to send the invoice data to a Korean company called Linkhub (product name is Popbill)  that acts as an intermediary and then sends those transactions through to the government on your subsidiaries behalf. The send could probably be done through IFS directly via IFS Connect but we decided to write our own middleware for this.

M
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@spetkus27 Hello. We are searching for a solution for the following problem:

 

In Korea is it mandated by the Presidential Decree of the Value Added Tax Act (Article 28 and 59) that the supplied value for VAT return purposed should be converted based on the currency rate published on the date when the goods are shipped on board (export).

In IFS the standard process registers the sales while creating (send/print) the invoice. But this does not reflect the date of shipped on board. Furthermore we use the systematic of quarterly currency rate. Therefore it is system wise not possible to use the currency rate published on a daily base by the government.

Is there an IFS extension for creating the VAT return report with the official currency rate, provided by the government?

Are workarounds existing to handle this topic, to be compliant?

 

 

Does your solution with Linkhub/Popbill solve this problem?

BR, Daniel

Ralph Gericke
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Hi,

can you please explain in more detail what the date for shipped on board is and where this information is coming from?

Maybe delivery confirmation in logistics might solve the issue - so that the invoice will be created only when the delivery confirmation is done. Having this in mind your invoice date can be the same as the confirmed delivery date if you invoice instantly after the confirmation. To get the correct currency rate you need to update of course the currency rates on a daily basis with the officially released ones.

BR Ralph

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