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

The South Korean Ministry of Strategy and Finance June 19 opened a consultation on Draft Notice No. 2024-142, on a proposed further extension of reduced consumption tax rates for specified petroleum products. The draft notice includes proposals, such as: 1) a two-month extension, to Aug. 31 from June 30, regarding reduced transportation, energy, and environmental tax rates; and 2) reduced tax rates of 423 South Korean won (US$0.30) per liter for gasoline and similar alternative oils and 263 won (US$0.19) per liter for diesel and similar alternative oils. Comments are due June 20. [South Korea, Ministry of Strategy and Finance, ...