South Korea Assembly Considers Bill to Partially Amend VAT Act

The South Korean National Assembly April 16 accepted for consideration Bill No. 2218377, to partially amend the VAT Act. The bill includes a measure to extend, to Dec. 31, 2029, from Dec. 31, 2026, the specified special provision for deemed input VAT deductions on tax-exempt agricultural, livestock, or fishery products, applicable to individual business owners operating small-scale restaurants with a tax base of 200 million South Korean won (US$135,104) or less. The law would enter into force Jan. 1, 2027. [South Korea, National Assembly, 04/16/26]

Reference: View Text of Bill No. 2218377. View Legislative History of Bill No. 2218377 ...