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

The South Korean National Assembly Jan. 23 accepted for consideration Bill No. 2207736, to partially amend the Tax Special Measures Act. The bill includes measures to extend the sunset date to Dec. 31, 2028, from Dec. 31, 2025, for the reduction of capital gains tax on fishing land, the reduction of gift tax on fishing vessels received as gifts by foreign children, and the application of a reduced VAT rate on fishing equipment. The bill would enter into force Jan. 1, 2026. [South Korea, National Assembly, 01/23/25]

Reference:
View Legislative History of Bill No. 2207736. View Index.