South Korea Assembly Considers Bill to Partially Amend Individual Consumption Tax Act

The South Korean National Assembly March 31 accepted for consideration Bill No. 2217969, to partially amend the Individual Consumption Tax Act. The bill extends the sunset date of the special provision that allows for a 50 percent adjustment range for fuel tax rates to Dec. 31, 2029, from Dec. 31, 2024. The law would enter into force upon promulgation and apply to fuel released from manufacturing ...