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(Cho Min-jeong/The Korea Herald) |
The value-added tax will be exempted for veterinary expenses related to a number of common diseases in pets starting from October.
The Ministry of Economy and Finance announced on Thursday that they will expand the conditions for VAT exemption on veterinary services for pets to alleviate the financial burden of medical expenses. The scope of exempted services will be expanded to include disease prevention and treatments.
The Finance Ministry listed about 100 treatments and diseases, such as neutering surgery, conjunctivitis, otitis externa, and atopic dermatitis, which are prevalent among pets. Starting in October, these services will be prioritized for VAT exemption, with plans to expand coverage further in the future.
Currently, a 10 percent VAT is applied to pet medical expenses. The Finance Ministry explained that this measure is aimed at alleviating the financial burden of owning pets, citing the result of a 2022 national survey on animal protection awareness, which revealed that the average monthly medical expenses per pet were approximately 60,000 won ($46.99).
The Ministry of Economy and Finance will publish a tax revision bill by Aug. 11 and submit it to the regular session of the National Assembly in September.
