South Korea Assembly Considers Bill to Partially Amend Special Tax Measures Act

The South Korean National Assembly March 25 accepted for consideration Bill No. 2217722, to partially amend the Special Tax Measures Act. The bill includes measures to extend, to Dec. 31, 2031, from Dec. 31, 2026, the sunset date for: 1) VAT exemptions on agency services for agricultural and fisheries management and work, as well as on petroleum products for agricultural and fisheries use; and 2) various stamp duty exemptions for farmers and fishermen. The law would enter into force Jan. 1, 2027. [South Korea, National Assembly, 03/25/26]

Reference: View Text of Bill No. 2217722. View Legislative History of Bill ...