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

The South Korean National Assembly May 8 accepted for consideration Bill No. 2218895, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) extend, to Dec. 31, 2029, from Dec. 31, 2026, special exemptions for petroleum products used in activities such as forestry and the use of coastal passenger vessels, including from VAT, individual consumption, transportation, energy, environment, education, and automobile taxes; 2) amend sanction periods prohibiting the use of tax-exempt fuel for failure to submit a change report, to six months if no violation in the previous five years, and to one year if multiple ...