South Korea Assembly Considers Bill to Partially Amend VAT Act

The South Korean National Assembly Sept. 2 accepted for consideration Bill No. 2203528, to partially amend the VAT Act. The bill includes measures to: 1) exempt VAT on animal blood supplies prepared for treatment, prevention, and diagnosis; 2) reduce the tax rate on credit card use to 0.5 percent from 1 percent; 3) extend the special tax deduction for issuing and transmitting electronic tax invoices to Dec. 31, 2027, from Dec. 31, 2024; and 4) increase the surcharge rate for falsely-identified business operators to 2 percent from 1 percent for general taxpayers and 1 percent from 0.5 percent for simplified ...