South Korea Assembly Considers Bill to Partially Amend VAT Act

The South Korean National Assembly Oct. 28 accepted for consideration Bill No. 2204961, to partially amend the VAT Act as part of the 2025 budget package. The bill includes measures to: 1) extend the special VAT deduction period to issue and submit e-invoices to Dec. 31, 2027, from Dec. 31, 2024, for individual business owners whose total supply of goods and services was less than 300 million South Korean won (US$217,463) in the previous tax year; 2) increase the surcharge rate for operating under false pretenses to 2 percent from 1 percent of the total supply price for general taxpayers ...