South Korea Gazettes Presidential Decrees Partially Amending Specified Enforcement Decrees

The South Korean Official Gazette April 30 published Presidential Decree Nos. 35487 and 35488, partially amending the enforcement decrees of the Transportation, Environment, and Energy Tax Act and the Individual Consumption Tax Act. The decrees include measures: 1) increasing the flexible tax rates to 476 South Korean won (US$0.33) from 450 won (US$0.32) per liter for gasoline and similar alternative fuels, and to 319 won (US$0.22) from 289 won (US$0.20) per liter for diesel and similar alternative fuels; 2) reducing the flexible individual consumption tax rate to 234 won (US$0.16) from 275 won (US$0.19) per kilogram for butane in oil ...