South Korea MOF Announces Further Extension of Temporary Tax Rate Reduction for Individual Consumption Taxes

The South Korean Ministry of Strategy and Finance June 17 announced the further extension of the tax rate reduction for individual consumption taxes. The announcement 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 to be extended to Dec. 31 from June 30. [South Korea, Ministry of Strategy and Finance, 06/17/24]

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