- South Korea’s National Assembly is considering Bill No. 2200476.
- The bill aims to amend the Special Taxation Act.
- It proposes a two-year extension of the special tax reduction for eco-friendly vehicles.
- Targeted vehicles include hybrid vehicles, electric vehicles (EVs), and hydrogen EVs.
- The current tax reduction is set to expire on December 31, 2024.
- If passed, the new expiration date would be December 31, 2026.
- The amendment would take effect on January 1, 2025.
- Manufacturers and consumers of eco-friendly vehicles would benefit from reduced taxes for an additional two years.
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.
