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

The South Korean National Assembly April 30 accepted for consideration Bill No. 2218735, to partially amend the Special Tax Measures Act. The bill includes a measure to extend, to Dec. 31, 2031, from Dec. 31, 2026, the application period for the special tax treatment of petroleum products for coastal passenger vessels. The bill also includes that the special tax treatment pertains to the special provisions to exempt VAT, individual consumption tax on shipments from manufacturing plants or bonded areas, transportation, energy, and environment tax, education tax, and automobile tax on vehicle operations for the supply of petroleum products directly supplied ...