Tax breaks on oil product, petrochemical imports extended to 2011 by Sout Korea

23-Dec-10

In a bid to curb inflation that threatens the country's economic recovery, South Korea's finance ministry plans to extend tax breaks on oil product imports to 2011, as per Platts. This extension of tax breaks is expected to reduce burden on local consumers and control inflation. Tariff on gasoline, diesel, kerosene and heavy fuel oil imports that were reduced from 5% to 3% in 2010, will remain at 3% next year, while tariffs on LNG and LPG will also stay cut from 3% to 2% for 2011. Tax on imported polyethylene, which was cut from 8% to 2% in 2010, will remain at 2% in 2011