SEOUL, June 16 (Korea Bizwire) — South Korea will extend its fuel tax cuts and consumption tax reductions for electric vehicles (EVs) to ease the financial burden on consumers amid rising prices and weakening demand, the finance ministry said Monday. Under the latest extension, the current fuel tax reductions — a 10 percent cut on [...]
SEOUL, Sept. 27 (Korea Bizwire) — South Korea’s finance minister said Wednesday the government will spare no effort to support the country’s chip industry through tax cuts and other financial support amid the sector’s downturn. “The chip sector is the strategic and core industry for the South Korean economy, responsible for 18.9 percent of exports [...]
SEOUL, June 8 (Korea Bizwire) — South Korea will terminate the cut in the consumption tax on passenger cars starting next month, the finance ministry said Thursday, in an apparent move to make up for a recent decrease in tax revenue. In July 2018, the government slashed the auto consumption tax to 3.5 percent from [...]
SEOUL, April 18 (Korea Bizwire) — South Korea plans to extend the consumption tax cut scheme on fuel, which is set to expire this month, through August, the finance ministry said Tuesday, despite concerns the government’s tax revenue may miss target amid an economic slowdown. Under the measure, a 25 percent discount on the consumption [...]
SEOUL, July 21 (Korea Bizwire) — South Korea plans to cut corporate and income taxes in a bid to encourage companies to increase investment and reduce the tax burden on people troubled by high inflation, the finance ministry said Thursday. The Yoon Suk-yeol government unveiled details of its sweeping tax reform proposal as it aims [...]
SEJONG, June 29 (Korea Bizwire) — South Korea’s finance ministry said Monday it will extend a temporary cut in consumption tax on passenger cars by another six months to boost consumption and support the auto industry hit by the coronavirus pandemic. The cut in consumption tax on passenger cars had been set to end Tuesday, [...]
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 [...]
SEOUL, Feb. 25 (Korea Bizwire) - Major foreign brands selling cars in South Korea have decided not to offer any refunds to their customers despite the government’s recent tax cut, claiming that it has already been reflected in their ramped-up sales promotions, company officials said Thursday. The government ended a 1.5-percentage-point excise tax cut at the [...]
“I urge both the ruling and opposition parties to find a middle ground on what kind of social welfare the country needs before coming up with ways to pay for such expenditures. There are considerable differences between political parties as well as ordinary citizens on what the level of welfare coverage should be.” “Experience has [...]
SEOUL, South Korea, Aug 22 (Korea Bizwire) – The number of ‘Green Buildings’ that contribute to improving a clean and healthy living environment through the efficient use of energy and environment-friendly construction technology is on the rise in Seoul. The city government of Seoul has actively promoted green buildings by offering incentives, most notably tax cuts [...]