- Presidential Decree No. 35355 partially amends the enforcement decree of the Individual Consumption Tax Act.
- Reduced flexible individual consumption tax rate for butane to 212 South Korean won per kilogram through April 30.
- Specified scope of hydrogen manufacturing facilities exempt from individual consumption tax on butane.
- Abolished flexible tax rate for low-calorific coal.
- Temporarily reduced individual consumption tax rate on automobiles to 3.5 percent until June 30, 2025.
- Required proof of duty-free fuel supply in fuel supply statement for import reporting.
- Presidential decree generally enters into force on the same date.
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.
