South Korea Assembly Considers Bill to Partially Amend Special Tax Measures Act

The South Korean National Assembly Nov. 5 accepted for consideration Bill No. 2213933, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) update, to Dec. 31, 2015, from Dec. 31, 2014, the date before which an old vehicle must have been newly registered to for an individual or corporation to qualify for the 70 percent individual consumption tax reduction, capped at 1 million South Korean won (US$685), for scrapping or exporting an old vehicle and registering a new one; 2) update, to June 30, 2025, from Dec. 31, 2024, the date as of which the ...