South Korea Gazettes Presidential Decrees Partially Amending Individual Consumption Tax Act

The South Korean Official Gazette Feb. 28, published Presidential Decree No. 35355, partially amending the enforcement decree of the Individual Consumption Tax Act. The presidential decree includes measures: 1) reducing the flexible individual consumption tax rate for butane in oil and gas to 212 South Korean won (US$0.14) per kilogram from 275 won (US$0.18) per kilogram, through April 30; 2) specifying the scope of hydrogen manufacturing facilities subject to the special exemption from individual consumption tax on butane; 3) abolishing the flexible tax rate that imposes a low tax rate on low-calorific coal; 4) temporarily reducing the individual consumption tax ...