South Korea Assembly Considers Bill to Amend Individual Consumption Tax Reduction for Eco-Friendly Vehicles

The South Korean National Assembly June 14 accepted for consideration Bill No. 2200476, to amend the Special Taxation Act to provide a two-year extension of the special reduction for individual consumption tax on eco-friendly vehicles, such as hybrid vehicles, electric vehicles (EVs), and hydrogen EVs. The bill includes measures to extend the duration of the reduction for vehicles manufactured until Dec. 31, 2026, from Dec. 31, 2024. The law would enter into force Jan. 1, 2025. [South Korea, National Assembly, 06/14/24]

Reference:
View Legislative History of Bill No. 2200476. View Text of Bill No. 2200476. View Index. ...