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

The South Korean National Assembly April 30 accepted for consideration Bill No. 2218730, to partially amend the Special Tax Measures Act. The bill includes measures to extend, to Dec. 31, 2031, from Dec. 31, 2026, the sunset date for: 1) corporate income tax and dividend income tax reduction provisions for farming cooperative corporations, fisheries cooperative corporations, and agricultural corporations; 2) the capital gains tax exemption provision, which is applicable when transferring farmland eligible for management transfer direct payment subsidies to the Korea Rural Community Corporation; 3) the VAT exemption provisions for agricultural, livestock, and fisheries equipment and feed; 4) the ...