South Korea Gazettes Presidential Decrees Partially Amending Individual Consumption Tax Act Enforcement Decree

The South Korean Official Gazette Dec. 31, 2024, published Presidential Decrees No. 35129 and 35130 partially amending the enforcement decree of the individual consumption tax. Decree No. 35129 contains measures extending the temporary flexible rate of individual consumption tax on butane to Feb. 28, 2025, from Dec. 31, 2024, and extending the temporary flexible rate reduction measure for individual consumption tax on natural gas and bituminous coal for power generation to June 30, 2025, from Dec. 31, 2024. Decree No. 35130 extends the temporary flexible rate reduction period for land and environment taxes to Feb. 28, 2025, from Dec. 31, ...