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South Korea will cut its domestic transportation fuel tax by 15 percent from November 6 for six months to ease the burden
of rising international oil prices on domestic households and small businesses, according to Hydrocarbon Processing Online on October 25.
The Ministry of Finance announced that the gasoline fuel tax will be reduced by 111 won / liter to 635 won (0.
5589 US dollars) / liter, and the diesel fuel tax will be reduced from the current 529 won / liter to 450 won / liter
.
The South Korean government also plans to cut fuel taxes on liquefied petroleum gas (LPG) and butane by 28 won per liter to 157 won per liter
.
Temporary tax cuts over the next six months will reduce government tax revenue by 2 trillion won ($1.
76 billion),
the announcement said.
South Korea will cut its domestic transportation fuel tax by 15 percent from November 6 for six months to ease the burden
of rising international oil prices on domestic households and small businesses, according to Hydrocarbon Processing Online on October 25.
The Ministry of Finance announced that the gasoline fuel tax will be reduced by 111 won / liter to 635 won (0.
5589 US dollars) / liter, and the diesel fuel tax will be reduced from the current 529 won / liter to 450 won / liter
.
The South Korean government also plans to cut fuel taxes on liquefied petroleum gas (LPG) and butane by 28 won per liter to 157 won per liter
.
Temporary tax cuts over the next six months will reduce government tax revenue by 2 trillion won ($1.
76 billion),
the announcement said.
