South Korea MOF Announces Extension of Reduced Consumption Tax Regime for Automobile Sales

The South Korean Ministry of Strategy and Finance June 22 announced the extension to Dec. 31 of the reduced consumption tax regime for automobile sales. The announcement explains: 1) the application of a reduced consumption tax rate of between 3.5 and 5 percent for domestic passenger car sales; and 2) the maximum tax reduction thresholds for small and mid-sized passenger cars. [South Korea, Ministry of Strategy and Finance, 06/22/21]

Reference:
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