South Korea: National Assembly Considers Bill to Extend Tax Reductions on Eco-Friendly Vehicles
The South Korean National Assembly has accepted Bill No. 2200476 for consideration. This proposed legislation seeks to amend the Special Taxation Act, specifically aiming to extend the special reduction on individual consumption tax for eco-friendly vehicles.
The bill targets vehicles such as hybrid vehicles, electric vehicles (EVs), and hydrogen EVs, proposing a two-year extension of the tax reduction. Currently, this reduction is set to expire on December 31, 2024. If the bill passes, the new expiration date would be December 31, 2026.
The amendment would take effect on January 1, 2025, ensuring that manufacturers and consumers of eco-friendly vehicles continue to benefit from reduced taxes for an additional two years.
Source: assembly.go.kr
