South Korea Gazettes Presidential Decree Further Extending Temporary Tax Rate Reduction for Individual Consumption Taxes

The South Korean Official Gazette June 28 published Presidential Decree No. 34614, announcing the further extension of the tax rate reduction for individual consumption taxes. The decree includes: 1) a temporary rate reduction to 20 percent from 25 percent for specified gasoline products, and to 30 percent from 37 percent for other specified fuel products, both extended to Aug. 31 from June 30; and 2) a temporary rate reduction of 15 percent on the individual consumption tax on power generation fuels, which is extended to Dec. 31 from June 30. The decree enters into force July 1. [South Korea, Official ...