Our company, Utransfer , is currently registered as a financial institution and conducts foreign exchange business under the Banking Act.
[Chapter 3, Section 2, Tax Exemption Section of the Value Added Tax Act]
Article 26 (Exemption of Tax on Supply of Goods or Services)
① The supply of the following goods or services shall be exempt from value added tax.
11. Financial and insurance services as prescribed by Presidential Decree
Article 40 (Scope of Tax-Exempt Financial and Insurance Services)
① Financial and insurance services under Article 26, Paragraph 1, Item 11 of the Act shall be services corresponding to the following services, businesses, and operations.
1. Banking and ancillary services under the Banking Act, services corresponding to the following items
C. Domestic and foreign exchange
Based on the above laws, Utransfer’s services are exempt from tax. In other words, tax invoices are not issued.
If you need proof of transaction, we can issue a remittance statement, so please contact us via email or Channel Talk.