- South Korea is reviewing changes to the Special Tax Measures Act through Bill No. 2206072
- The bill was accepted for consideration on November 29
- It focuses on individuals involved in renewable energy production
- Benefits include tax adjustments for those installing new renewable energy facilities
- Excess electricity sent to Korea Electric Power Corporation will be exempt from VAT calculations
- The new provisions are set to activate six months after the bill is officially passed
- The bill is still under review with future updates anticipated after further assessment in the National Assembly
Source: globalvatcompliance.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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