Create Tax Status (Output VAT)

The tax status represents the VAT for the Korea tax regime. You must attach the tax reporting codes for the reverse charges so that the transactions can easily be identified for reporting purposes.

Follow these steps:

1. Navigate to Setup and Maintenance and select Manage Tax Statuses.
2. In the Manage Tax Statuses page, search for the Country name.
3. The list of tax statuses available for Korea is displayed.
4. Click the Plus icon to add a new tax status, complete the fields and click Save and Close.