South Korea Gazettes Law Amending VAT Act

The South Korean Official Gazette Dec. 31, 2024, published Law No. 20614 partially amending the VAT Act. The law includes measures: 1) exempting VAT on animal blood supplies prepared for treatment, prevention, and diagnosis; 2) extending the special tax deduction for issuing and transmitting electronic tax invoices to Dec. 31, 2027, from Dec. 31, 2024; and 3) increasing the surcharge rate for falsely-identified business operators to 2 percent from 1 percent for general taxpayers, and to 1 percent from 0.5 percent for simplified taxpayers. [South Korea, Official Gazette, 12/31/24]

Reference:
View Law No. 20614, View Index