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

The South Korean National Assembly April 17 accepted for consideration Bill No. 2218401, to partially amend the Special Tax Measures Act. The bill includes a measure to extend, to Dec. 31, 2031, from Dec. 31, 2026, the special provision allowing owners of vehicles, such as passenger cars, vans, trucks, or motorcycles, that meet or fall below the standards prescribed by Presidential Decree, to receive a refund of the individual consumption tax of 250 South Korean won (US$0.17) per liter for gasoline or diesel, as well as the full amount of the individual consumption tax imposed on butane among petroleum gas, ...