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

The South Korean National Assembly May 19 accepted for consideration Bill No. 2210541, to partially amend the Special Tax Measures Act concerning an input VAT deduction for businesses that collect recycled waste and used automobiles. The bill includes a measure to extend the sunset date, to Dec. 31, 2028, from Dec. 31, 2025, for the input VAT deduction on acquisitions of recycled waste and used automobiles by these businesses, from persons who can’t issue tax invoices or subsequently manufacture, process, or supply these goods. The law would enter into force six months after promulgation and apply to acquisitions after that ...