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

The South Korean National Assembly July 18 accepted for consideration Bill No. 2201911, to provide a four-year extension under Article 109 of the Special Taxation Act, for special individual consumption tax reductions for eco-friendly vehicles. The bill includes measures to extend the reductions, to Dec. 31, 2028, from Dec. 31, 2024, capped at 1 million South Korean won (US$723) for hybrid vehicles, 3 million won for electric vehicles (EVs) (US$2,169), and 4 million won (US$2,892) for hydrogen EVs. [South Korea, National Assembly, 07/18/24]

Reference:
View Legislative History of Bill No. 2201911. View Index.