Starting Friday, the government will expand fuel tax cuts from the current 30 percent to 37 percent.

According to the government's policy revisions for the second half of 2022 announced on Thursday, the move will allow the price of gasoline to decline by 57 won per liter, diesel by 38 won and LPG by 12 won.

The government will extend existing special consumption tax reductions for car purchases for another six months until the year's end.

First-time home buyers during the third quarter will be granted a loan-to-value(LTV) ratio of up to 80 percent, regardless of region, house price or the borrower's income.

Products such as kimchi, soy sauce and coffee beans, which require the use of plastic for individual wrapping, will be exempt from value-added taxes until next year.