South Korea Assembly Considers Bill to Partially Amend VAT Act

The South Korean National Assembly April 26 accepted for consideration Bill No. 2121656, to partially amend the VAT Act. The bill includes measures to: 1) set a 10 percent VAT as the basic amount; 2) increase or decrease the flexible tax rate by a presidential decree within 30 percent of the applicable tax rate; and 3) provide a 2 year period for the application of tax rates. The measures would apply from Jan. 1, 2024. [South Korea, National Assembly, 04/26/23]

Reference: View Bill No. 2121656. View Legislative History of Bill No. 2121656. View Index.