- South Korea’s National Assembly is considering Bill No. 2214441 to amend the Special Tax Measures Act.
- The bill proposes extending the special VAT exemption for agricultural, livestock, or forestry equipment supplied to farmers or foresters.
- The exemption’s sunset date would move from Dec. 31, 2025, to Dec. 31, 2030.
- The amended law would take effect on Jan. 1, 2026.
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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