- 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.
Latest Posts in "South Korea"
- US President announces new trade and economic deal with China and commitments to Republic of Korea
- Gwangyang City Recovers 1 Billion Won in VAT Refund, Boosting Fiscal Soundness
- South Korea to Exempt VAT on Rental Housing Repairs from January 2026
- South Korea Considers Tax Exemption for Petroleum Used in Manufacturing Until End of 2028
- South Korea Proposes Expanded Tax Incentives for Cultural Content Production, Adjusts Credit Rates
