S. Korea extends tax break on fuel until August
- 5 years ago
유류세 인하, 4개월 연장...인하 폭 7%로 축소
Korea's temporary tax break on fuel, which was supposed to end on May 6th, will be extended by 4 months, until the end of August.
According to the finance ministry,... the fuel tax cut will, however, be reduced to 7 percent from the current 15 percent.
Financial authorities say the extension is to help ease the burden of rising global oil prices on households and small businesses.
The smaller discount means the price of unleaded gasoline, starting May 7th, will go up by around 6 U.S. cents a liter.
Over the next four months, the cuts are expected to cause a fall in revenue of around 5-hundred 25-million U.S. dollars.
Korea's temporary tax break on fuel, which was supposed to end on May 6th, will be extended by 4 months, until the end of August.
According to the finance ministry,... the fuel tax cut will, however, be reduced to 7 percent from the current 15 percent.
Financial authorities say the extension is to help ease the burden of rising global oil prices on households and small businesses.
The smaller discount means the price of unleaded gasoline, starting May 7th, will go up by around 6 U.S. cents a liter.
Over the next four months, the cuts are expected to cause a fall in revenue of around 5-hundred 25-million U.S. dollars.