South Korea will extend key tax relief measures beyond their June 30 expiration, including fuel and auto consumption tax cuts, to lower inflation and support economic recovery.
The temporary fuel tax cut--10% on gasoline and 15% on diesel and LPG butane--will now run through Aug. 31, the Ministry of Strategy and Finance said in a Monday release.
The country will also prolong tax breaks on power generation fuels and autos, and maintain lower quota tariffs on LPG and processed fruits.
In addition, new quota tariffs will be applied to select items, with volumes expanded for others, as part of broader efforts to ease living costs, it said.
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