South Korea Assembly Considers Bill to Partially Amend VAT Act

The South Korean National Assembly Dec. 1 accepted for consideration Bill No. 2125698, to partially amend the VAT Act. The bill includes measures to: 1) clarify that the supply of goods is the direct use or consumption of goods produced or acquired in connection with a taxable business, for the purpose of supplying goods or services that aren’t subject to VAT; 2) extend the deadline for special VAT exemptions to Dec. 31, 2026, from Dec. 31, 2023, for use of tax-exempt agricultural products and credit cards by covered individual entrepreneurs and simplified taxable persons; 3) impose a 1 percent penalty ...