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Gov't to Keep 30% Cut on Consumption Tax on Passenger Cars

Write: 2020-06-29 10:46:10Update: 2020-06-29 11:26:51

Gov't to Keep 30% Cut on Consumption Tax on Passenger Cars

Photo : KBS News

The government has extended a 30-percent cut in individual consumption tax on passenger vehicles by another six months as part of efforts to boost consumption amid the coronavirus pandemic.

The Finance Ministry unveiled the decision on Monday in a booklet introducing 153 rule and regulation changes that will be implemented from the second half of the year. 

The cut in such tax, which was set to expire on Tuesday, will remain in place through this December 31.

With the 30 percent cut, consumption tax levied when purchasing a new passenger car will be slashed from five percent to three-and-a-half percent.

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