- South Korean National Assembly accepted Bill No. 2200476 on June 14.
- The bill aims to amend the Special Taxation Act.
- It proposes a two-year extension of the special reduction for individual consumption tax on eco-friendly vehicles.
- This includes hybrid vehicles, electric vehicles (EVs), and hydrogen EVs.
- The extension applies to vehicles manufactured until Dec. 31, 2026, instead of the current Dec. 31, 2024.
- The law would come into effect on Jan. 1, 2025.
Source: news.bloombergtax.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.
