South Korea MOF Releases 2024 Tax Law Amendment Bill, Information

The South Korean Ministry of Strategy and Finance July 25 released the 2024 Tax Law Amendment Bill, with information on the measures. The bill includes measures to: 1) extend the national strategic technology R&D tax credit and integrated investment tax credit, to Dec. 31, 2027, from Dec. 31, 2024; 2) increase the additional deduction for the latter credit to 10 percent, and taper the credit; 3) reduce the individual consumption tax reduction limit for hybrid vehicles to 700,000 South Korean won (US$505) from 1 million won (US$722), and extend it to Dec. 31, 2026, from Dec. 31, 2024; 4) expand ...