South Korea Assembly Considers Bill to Partially Amend Individual Consumption Tax Act

The South Korean National Assembly Dec. 31, 2024, accepted for consideration Bill No. 2207156, to partially amend the Individual Consumption Tax Act with respect to heavy oil used in petroleum refining. The bill includes measures to exempt heavy oil used as a raw material in refining processes from individual consumption tax. The law would enter into force upon promulgation, and apply to heavy oil exported from a manufacturing plant or declared for import after that date. [South Korea, National Assembly, 12/31/24]

Reference:
View Text of Bill No. 2207156. View Legislative History of Bill No. 2207156. View Index. ...