South Korea Considers Tax Exemption for Heavy Oil in Refining Processes

• The South Korean National Assembly accepted Bill No. 2207156 for consideration on December 31, 2024
• The bill proposes a partial amendment to the Individual Consumption Tax Act
• It aims to exempt heavy oil used in petroleum refining from individual consumption tax
• The exemption applies to heavy oil used as a raw material in refining processes
• The law will be effective upon promulgation
• It will apply to heavy oil exported from manufacturing plants or declared for import after the law is in force

Source: news.bloombergtax.com

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