Korea Financial Telecommunications and Clearings Institute said that starting on the 14th it will apply the electronic tax financial certificate to the service of electronic tax invoice issuing agency (ASP) Volta Corporation. The certificate will be used for Volta's related tasks such as issuing and managing electronic tax invoices.
The electronic tax financial certificate is a business certificate issued by Korea Financial Telecommunications and Clearings Institute since June 2024. It had mainly been used for public services such as the National Tax Service's Hometax and Sontax and the Korea Customs Service, but with its application to Volta this time, its use has expanded into the private electronic tax invoice issuing agency field.
This certificate can be used with only a six-digit password, without installing a separate program or application. Certificates are stored in the Korea Financial Telecommunications and Clearings Institute cloud repository and can be shared among up to 20 staff members. It also supports management and security functions such as checking usage history, restricting use outside business hours, and blocking overseas use.
The issuance fee is 4,400 won per year. Korea Financial Telecommunications and Clearings Institute expects that compared with the universal joint certificate, which can cost up to 110,000 won per year, it can reduce the expense burden for small business owners and business operators who issue electronic tax invoices.
Currently, the electronic tax financial certificate can be issued through internet and mobile banking of 13 banks, including Korea Development Bank, NongHyup Bank, Shinhan Bank, Woori Bank, Standard Chartered Bank Korea, Hana Bank, and Industrial Bank of Korea (IBK), as well as the Korean Federation of Community Credit Cooperatives (KFCC), credit unions, and Korea Post.
An official at Korea Financial Telecommunications and Clearings Institute said, "This is the first case of expansion into private services used by small business owners and corporations beyond the public sector," adding, "We plan to expand usage to various issuing agencies and enterprise resource planning (ERP) systems."