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

The South Korean National Assembly March 10 accepted for consideration Bill No. 2217352, to partially amend the Special Tax Measures Act. The bill includes measures to extend, to Dec. 31, 2029, from Dec. 31, 2026, the sunset dates for the: 1) exemptions from VAT and individual consumption, transportation, energy, environmental, education, and automobile taxes on petroleum products for agriculture, forestry, fisheries, and coastal passenger vessels; 2) stamp duty exemption on specified loan and property transfer documents related to agriculture and forestry, and for tax documents for qualified small and medium-sized enterprise (SME) start-ups; and 3) VAT exemption on information technology ...