South Korea Assembly Considers Bill to Amend Special Taxation Act

The South Korean National Assembly Jan. 25 accepted for consideration Bill No. 2126403, to amend the Special Taxation Act. The bill includes measures to: 1) reduce the individual consumption tax on one new vehicle by 70 percent if purchased by Dec. 31, 2024, capped at 1 million South Korean won, if newly registered and if replacing an old vehicle that was newly registered prior to Dec. 31, 2013; 2) specify the deduction of amounts from earned income of credit, debit, and prepaid card usage, for the first half of 2024; and 3) increase the income deduction rate for traditional market ...