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

The South Korean National Assembly Dec. 17 accepted for consideration Bill No. 2215329, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) expand the 9.1 percent used car input VAT deduction rate to scrapped vehicles for export, for businesses collecting recyclable waste resources and used vehicles, if acquiring the vehicles from individuals or entities designated as unable to issue VAT invoices; and 2) specify a 7.4 percent input VAT deduction rate for these businesses for scrapped vehicles not for export. The law would enter into force six months after promulgation and apply to scrapped vehicles ...