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S. Korea Positively Considers Extending Auto Consumption Tax Break

Written: 2019-05-27 18:20:39Updated: 2019-05-27 18:43:13

S. Korea Positively Considers Extending Auto Consumption Tax Break

Photo : KBS News

The South Korean government is positively considering further extending the mandate of a temporary tax break for domestic car purchases. 

Yoon Tae-sik, a spokesman for the Ministry of Economy and Finance, made the announcement on Monday at a regular media briefing at the government complex in Sejong City. 

Last year, the government lowered its special consumption tax on passenger cars from five percent to three-point-five percent to help boost domestic demand. It was initially meant to be applied for a six-month period through December of last year, but was later extended by another six months. 

The spokesman said a final decision and details, including by how long it will be extended, will be announced in June.

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