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

The South Korean National Assembly Dec. 27, 2024, accepted for consideration Bill No. 2207019, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) apply a zero percent VAT rate to transportation services for unprocessed agricultural products; and 2) clarify that the zero rate would apply only with respect to transportation services for unprocessed agricultural products prescribed by Presidential Decree. The law would enter into force six months after promulgation, and apply to the transport of agricultural products after that date. [South Korea, National Assembly, 12/27/24]

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View Text of Bill No. 2207019. View Legislative ...