South Korea MOF Announces Tax Rate for Individual Consumption Taxes for Q1 2023

The South Korean Ministry of Strategy and Finance Dec. 19 announced the extension of tax rate for individual consumption taxes for Q1 2023. The announcement includes: 1) a temporary reduction to 25 percent from 37 percent for the fuel tax extended to April 30, 2023, from Jan. 1, 2023; 2) a 30 percent exemption of individual consumption tax for passenger cars to be extended to June 30, 2023, from Jan. 1, 2023; and 3) a temporary reduction of 15 percent on the individual consumption tax on power generation fuels to be extended to June 30, 2023, from Jan. 1, 2023. ...