The South Korean Ministry of Economy and Finance Aug. 21 announced the further extension of the tax rate reduction for individual consumption taxes. The announcement includes that the 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, will both be extended to Oct. 31 from Aug. 31. The extension will be implemented from Sept. 1. [South Korea, Ministry of Economy and Finance, 08/21/24]
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