South Korea Assembly Considers Bill to Partially Amend Individual Consumption Tax Act

The South Korean National Assembly April 27 accepted for consideration Bill No. 2218626, to partially amend the Individual Consumption Tax Act. The bill includes measures to align the individual consumption tax rates for natural gas used in power generation or residential heating with the rate for liquefied petroleum gas (LPG) by: 1) increasing to 20 South Korean won (US$0.01) per kilogram, from 12 won ($0.01), the rate for natural gas allocated towards power generation; and 2) reducing to 20 won per kilogram, from 60 won (US$0.04), the rate for natural gas allocated towards residential heating. The law would enter into ...