MUMBAI, 17 Jun (Commoditiescontrol): South Korea's finance ministry announced on Monday that it will raise taxes on oil products starting in July, while extending the subsidy until August. The tax cut rate for gasoline will be reduced from 25% to 20%, and for diesel and liquefied petroleum gas (LPG) butane, the rate will be adjusted from 37% to 30%.
The tax breaks on oil products, initially introduced in November 2021 to alleviate high living costs, were intended as a temporary measure but have been extended several times with adjustments.
The ministry stated that the decision takes into account recent trends in oil prices and inflation, as well as the fiscal impact.
(By Commoditiescontrol Bureau; +91 98201 3018)
0 Comments 
Post Comment 
