South Korea plans to provide aid to five major industries affected by the coronavirus pandemic, Deputy Prime Minister Hong Nam-ki said in a speech to a government crisis management meeting on Thursday.

The support will go to automakers, airlines, shipping companies, oil refining companies, and shipbuilders, according to a statement by the Ministry of Economy and Finance.

Together, the sectors account for about a fifth of South Korea’s GDP and about 30% of exports, and employ about 600,000 people, the statement said.
Automakers will get tax breaks on customs duties for car parts and will be able to defer payment of tariffs and value-added tax for up to 12 months.
For airlines, cuts in airport charges will be extended by three months until August. Work on property tax payment deferrals is underway.
For refiners, tax payments can be deferred, including a three-month extension for payment of April oil taxes and a two-month extension of the deadline for paying March tariffs and VATs.

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