South Korea Assembly Considers Bill to Partially Amend Special Tax Measures Act

The South Korean National Assembly Oct. 22 accepted for consideration Bill No. 2213665, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) provide an individual consumption tax exemption for petroleum used as raw material in the manufacture of petroleum products, if imported for such use by Dec. 31, 2028; 2) allow taxpayers eligible for the exemption, and that didn’t receive it, to obtain a refund, or have the exempt amount credited against the tax payable; 3) require taxpayers ineligible for the exemption, and that claimed it, to repay the exempted, refunded, or credited amount; and ...