- 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.
Latest Posts in "South Korea"
- South Korea Proposes Extending VAT Exemption on Farm Equipment to 2030
- NH Bank Launches Blockchain-Based VAT Refunds in South Korea Using Avalanche
- US President announces new trade and economic deal with China and commitments to Republic of Korea
- Gwangyang City Recovers 1 Billion Won in VAT Refund, Boosting Fiscal Soundness
- South Korea to Exempt VAT on Rental Housing Repairs from January 2026
