SEOUL, June 17 (Korea Bizwire) – The government will extend the tax cut on fuel for automobiles by an additional two months but lower the cap for the reduction in consideration of global oil prices, inflation and the dwindling tax revenue, the finance ministry said Monday. South Korea has applied a 25 percent discount on [...]
SEJONG, Aug. 15 (Korea Bizwire) — The government is considering extending a tax cut scheme on fuel consumption, which is set to expire this month, through December, sources said Tuesday, amid soaring energy costs and high inflation. According to the sources, the Ministry of Economy and Finance has been mulling extending the measure and plans [...]
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 [...]
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 [...]
SEJONG, June 18 (Korea Bizwire) — The government has been considering expanding fuel tax cuts, as part of efforts to ease inflation pressure that has been building up amid surging energy prices, according to officials at the finance ministry Saturday. The government has been mulling expanding fuel tax cuts from the current 30 percent to [...]
SEOUL, April 26 (Korea Bizwire) — Despite the government’s fuel tax cut in the midst of sky-high oil prices, it has offered only limited benefits to consumers while oil refiners and gas stations enjoyed huge benefits, a lawmaker said Monday. Yong Hye-in, a lawmaker of the Basic Income Party, claimed that the government slashed fuel [...]
SEJONG, April 5 (Korea Bizwire) — South Korea will expand tax cuts on fuel consumption as part of efforts to ease inflation pressure that has been building up amid surging energy prices, the country’s top economic policymaker said Tuesday. The government will expand fuel tax cuts from the current 20 percent to 30 percent from [...]
SEOUL, March 4 (Korea Bizwire) — South Korea will extend fuel tax cuts by three months as the country is striving to ease the burden on consumers and a build-up of inflationary pressure, the country’s top economic policymaker said Friday. On Nov. 12, the government lowered fuel taxes by a record 20 percent in a [...]
SEOUL, Oct. 22 (Korea Bizwire) — South Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently [...]
SEJONG, Aug. 22 (Korea Bizwire) — The government will not extend a temporary tax cut on fuel, officials said Thursday, amid concerns of dwindling tax revenue and stabilizing oil prices. In November 2018, the government lowered fuel taxes by 15 percent for six months to ease the burden of small businesses and ordinary people. On [...]