South Korea MOF Seeks Comments on Further Extension of Reduced Tax Rates on Petroleum Products

The South Korean Ministry of Strategy and Finance Dec. 15 opened a consultation on Draft Notice No. 2023-235, on a proposed further extension and additional application of special tax rates for individual consumption tax on specified petroleum products. The proposals include: 1) the extension, to Feb. 29, 2024, from Dec. 31, 2023, of the reduced individual consumption tax rate of 176.4 South Korean won (US$0.14) per kilogram of butane; and 2) the application of reduced individual consumption tax rates, for the period of Jan. 1, 2024, through June 30, 2024, of 10.2 won (US$0.008) per kilogram of natural gas for ...