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Special Parliamentary Committee Passes Bill Aimed at Lowering Fuel Tax Rate

Special Parliamentary Committee Passes Bill Aimed at Lowering Fuel Tax Rate

SEOUL, July 30 (Korea Bizwire) — A special parliamentary committee on improving people’s livelihoods on Friday passed a bill raising the flexibility rate of fuel taxes from the current 30 percent to 50 percent until the end of 2024 as part of efforts to lower skyrocketing oil prices. The committee also approved a bill expanding [...]

S. Korea to Expand Fuel Tax Cuts in Emergency Step to Curb Inflation

S. Korea to Expand Fuel Tax Cuts in Emergency Step to Curb Inflation

SEOUL, June 19 (Korea Bizwire) — The government on Sunday announced a package of emergency measures, including additional fuel tax cuts and higher income tax deduction rates for public transit use, aimed at countering growing inflationary pressure. Starting next month, tax cuts on fuel consumption will be expanded to a legal cap of 37 percent [...]