South Korean National Assembly considers Bill to reduce consumption tax on new vehicles

• 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

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