The Ministry of Economy and Finance (MOEF) announced that the Presidential Decree of the VAT Law has been amended to become effective from October 7, 2020. Two significant changes contained in the amended Presidential Decree:
- Cases not being regarded as the supply of goods subject to VAT
- Permanent VAT exemption on the supply of intercity bus services
Source PwC
Latest Posts in "South Korea"
- South Korea Considers Extending VAT Deductions on Recycled Waste and Used Cars to 2027
- South Korean National Assembly Considers Bill to Amend Corporate Tax Act, Effective January 2026
- South Korea Extends VAT Refund for Cosmetic Surgery Tourists to 2026
- Korea Imposes 10% VAT on Free Appliances for Construction Members in Redevelopment Projects
- Individuals Selling Used Cars Must Register for Tax and Pay Business Tax