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Assembly Considers Bill to Partially Amend VAT Act regarding Rates

The bill includes measures to: 1) set a 10 percent VAT as the basic amount; 2) increase or decrease the flexible tax rate by a presidential decree within 30 percent of the applicable tax rate; and 3) provide a 2 year period for the application of tax rates. The measures would apply from Jan. 1, 2024.

Source: bloombergtax.com

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