- South Korean National Assembly accepted Bill No. 2204961 for consideration
- Bill includes measures to amend VAT Act as part of 2025 budget package
- Measures include extending special VAT deduction period, increasing surcharge rate, and imposing VAT on businesses issuing tax invoices without supplying goods or services
- Law would enter into force on Jan. 1, 2025.
Source: news.bloombergtax.com
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