South Korea Considers Tax Exemption for Heavy Oil in Refining Processes

• The South Korean National Assembly accepted Bill No. 2207156 for consideration on December 31, 2024
• The bill proposes a partial amendment to the Individual Consumption Tax Act
• It aims to exempt heavy oil used in petroleum refining from individual consumption tax
• The exemption applies to heavy oil used as a raw material in refining processes
• The law will be effective upon promulgation
• It will apply to heavy oil exported from manufacturing plants or declared for import after the law is in force

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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