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

The South Korean National Assembly April 8 accepted for consideration Bill No. 2218181, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) extend the special input VAT deduction regime for recyclable waste and used motor vehicles to exported used goods; 2) apply the existing sunset date of Dec. 31, 2028, to exported used goods; and 3) allow input VAT deductions for exported used goods with verified export declaration certificates. The law would enter into force Jan. 1, 2027. [South Korea, National Assembly, 04/08/26]

Reference: View Text of Bill No. 2218181. View Legislative History of ...