Diesel and LPG Tax Reduction Rate Cut from 15% to 10%
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On the 19th, citizens are refueling their cars at a gas station in Seoul. The government announced on the 22nd that it would reduce the fuel tax cut rate by fuel type starting November 1./News1,
, ‘The Ministry of Economy and Finance announced on the 22nd that the temporary fuel tax reduction, initially set to end on October 31, will be extended until December 31. However, the reduction rate will be adjusted downwards.’,
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, ‘The fuel tax cut rate for gasoline will be reduced from the current 10% to 7%. The rate for diesel and liquefied petroleum gas (LPG) butane will be lowered from 15% to 10%.’,
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, ‘The ministry explained, “Considering recent trends in oil prices and inflation, as well as the fiscal impact, we aim to restore the fuel tax reduction. However, we have decided to partially restore it to prevent a significant increase in fuel costs for the public.”’,
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, ‘As a result of this measure, the tax burden will be reduced by 57 won per liter for gasoline, 58 won per liter for diesel, and 20 won per liter for LPG butane.’,
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, ‘Until the end of this month, the fuel tax reduction is 82 won per liter for gasoline, 87 won per liter for diesel, and 30 won per liter for LPG butane. With the adjustment in the reduction scale, gasoline will see a price increase effect of 25 won per liter, diesel 29 won per liter, and LPG butane 10 won per liter.’,
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, ‘The enforcement decrees for the “Traffic, Energy, and Environment Tax Act” and the “Individual Consumption Tax Act” to extend the temporary fuel tax reduction will be implemented following a Cabinet meeting starting November 1.’,
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, ‘Ahead of the fuel tax cut adjustment, the government will enforce the “Notification on Prohibition of Hoarding of Petroleum Products” to prevent hoarding activities by the oil industry.’,
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, ‘The core of the measure is to temporarily restrict the outflow of fuel by oil refiners during October. Acts of avoiding sales without legitimate reasons or over-supplying to specific companies will be prohibited. An official from the ministry said, “We plan to thoroughly manage hoarding activities in collaboration with the Ministry of Trade, Industry and Energy, National Tax Service, and Korea Customs Service.”’,
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