- South Korean National Assembly considered Bill No. 2210541 on May 19
- Bill aims to amend the Special Tax Measures Act
- Focus is on input VAT deduction for businesses collecting recycled waste and used automobiles
- Sunset date for VAT deduction extended to December 31, 2028
- Previously set to expire on December 31, 2025
- Applies to acquisitions from individuals unable to issue tax invoices
- Law effective six months after promulgation
- Applies to acquisitions made after the effective date
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.
