- South Korean National Assembly accepted Bill No. 2204961 for consideration
- Bill includes measures to amend VAT Act as part of 2025 budget package
- Measures include extending special VAT deduction period, increasing surcharge rate, and imposing VAT on businesses issuing tax invoices without supplying goods or services
- Law would enter into force on Jan. 1, 2025.
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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