South Korea Assembly Considers Bill to Extend Various Tax Exemptions on Petroleum Products Used for Fishing

The South Korean National Assembly Nov. 8 accepted for consideration Bill No. 2205401, to partially amend the Tax Special Measures Act. The bill includes measures to extend the tax exemption sunset date for petroleum products used in fishing, to Dec. 31, 2031, from Dec. 31, 2026, for VAT, individual consumption tax, transportation tax, energy and environment tax, education tax, and automobile tax. The extension will enter into force on the date of its promulgation. [South Korea, National Assembly, 11/08/24]

Reference:
View Bill No. 2205401. View Index.