South Korea MOF Seeks Comments on Partial Amendments to Enforcement Decree of Individual Consumption Tax

The South Korean Ministry of Economy and Finance Feb. 7 opened a consultation on Draft Notice No. 2025-40, on partial amendments to the Enforcement Decree of the Individual Consumption Tax Act. The draft notice includes measures to: 1) extend, to April 30 from Feb. 28, the temporary reduction to the flexible individual consumption tax rate for butane in oil and gas; and 2) specify that, from March 1 to April 30, the flexible individual consumption tax rate for butane in oil and gas will be 212 South Korean won (US$0.15) per kilogram. [South Korea, Ministry of Strategy and Finance, 02/07/25] ...