- South Korea proposes amendments to VAT Act for 2025 budget
- Bill includes measures to encourage digital compliance, prevent tax evasion, and support small businesses
- Key changes include extending VAT deduction period for e-invoices
- Higher surcharge proposed for false business representation to curb fraudulent practices
- Imposing VAT on non-supplied invoiced items to address tax evasion tactics
- Amended VAT Act expected to take effect on January 1, 2025, aligning with new fiscal year.
Source: globalvatcompliance.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
