South Korean National Assembly considers Bill to reduce consumption tax on new vehicles

• South Korean National Assembly accepted Bill No. 2126403 to amend the Special Taxation Act
• The bill includes measures to reduce individual consumption tax on new vehicles
• Reduction is by 70 percent if purchased by Dec. 31, 2024, capped at 1 million South Korean won
• The tax reduction applies to newly registered vehicles replacing old ones registered before Dec. 31, 2013

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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