- The South Korean National Assembly is considering Bill No. 2218377 to amend the VAT Act.
- The bill proposes extending the special provision for deemed input VAT deductions on tax-exempt agricultural, livestock, or fishery products for small-scale restaurant owners.
- The extension would move the expiration date from December 31, 2026, to December 31, 2029.
- The provision applies to individual business owners with a tax base of 200 million KRW (about US$135,104) or less.
- The law would take effect on January 1, 2027.
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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