South Korea Considers VAT Exemption for Rice Products in Tax Amendment

• The South Korean National Assembly accepted Bill No. 2205861 for consideration on November 26
• The bill proposes a partial amendment to the Special Tax Measures Act
• It includes a VAT exemption for processed rice products that contain at least 30 percent domestic rice
• The law is set to be effective from January 1, 2025
• The VAT exemption will apply to goods supplied after the law comes into effect

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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