- South Korean National Assembly accepted Bill No. 2126403 to amend the Special Taxation Act
- The bill includes measures to reduce individual consumption tax on new vehicles
- Reduction is by 70 percent if purchased by Dec. 31, 2024, capped at 1 million South Korean won
- The tax reduction applies to newly registered vehicles replacing old ones registered before Dec. 31, 2013
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "South Korea"
- Individuals Selling Used Cars Must Register for Tax and Pay Business Tax
- Korea Enhances Tourist Shopping Experience with Instant VAT Refunds at CU Stores
- Korea Ends VAT Refund for Foreign Cosmetic Surgery, Faces Medical Tourism Industry Backlash
- South Korea Proposes Tax Amendments for SMEs, Digital Transformation, and International Financial Institutions
- Trump announces trade deal with South Korea featuring 15% tariff rate
