Korea to extend fuel tax cut by another 2 months until June

Korea to extend fuel tax cut by another 2 months until June

Korea will extend its fuel tax cut for an additional two months through the end of June in an effort to ease the financial burden on consumers amid rising prices and slowing demand, the finance ministry said Tuesday. Under the extended policy, however, the current 15 percent tax cut on gasoline will be rolled back to 10 percent, while the tax cut on diesel and liquefied petroleum gas (LPG) will be reduced from 23 percent to 15 percent, according…

S. Korea To Extend Fuel Tax Cut For Two More Months - Asia News Today

SEOUL, Apr 22 (NNN-YONHAP) – South Korea’s finance ministry said today that, it will extend the fuel tax cut for two more months, with adjustments to discount rates. A tax discount rate on gasoline consumption will be cut from 15 percent to 10 percent, while discount rates on diesel and liquefied petroleum gas (LPG) will be lowered from 23 percent to 15 percent, according to the Ministry of Economy and Finance. The adjusted rates will be applied…