- 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.
Latest Posts in "South Korea"
- U.S. Raises Tariffs to 25% on South Korean Goods After Trade Deal Stalls
- South Korea Amends Consumption Tax Act: Reduced Tax, Refunds for Certain Synthetic Nicotine Cigarettes
- South Korea Extends VAT Exemption on Coffee and Cocoa Bean Imports to End of 2027
- Korea Extends Car Consumption and Fuel Tax Cuts to Support Domestic Demand and Ease Consumer Burden
- South Korea Considers Expanding VAT Deductions for Businesses Handling Used and Scrapped Vehicles
