- South Korean National Assembly accepted Bill No. 2203528 to partially amend the VAT Act
- Measures in the bill include exempting VAT on animal blood supplies, reducing tax rate on credit card use, extending special tax deduction for electronic tax invoices, and increasing surcharge rate for falsely-identified business operators
- Changes in tax rates and deductions will be applied from specific dates
- The bill aims to make adjustments to the VAT Act for various sectors and taxpayers in South Korea.
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.
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