Zero Tariff on 13 Imported Items Including Cooking Oil, Flour, and Pork... Approved by the Cabinet Meeting

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] A 0% tariff quota will be applied to 13 imported items including cooking oil, flour, and pork. Additionally, the policy to reduce the individual consumption tax on passenger cars by 30%, which was scheduled to end at the end of this month, will be extended until the end of the year.

The government decided this at the Cabinet meeting held on the morning of the 21st, presided over by President Yoon Seok-yeol, a presidential office official said.

The government decided to apply tariff quotas to ensure smooth supply and price stability of imported items that have concerns about price and supply instability due to the Ukraine situation following Russia's invasion. Accordingly, a 0% tariff quota will be applied to items related to meal prices such as pork, wheat, and flour, and tariff quotas will also be applied until the end of the year for electrolyte additives for secondary batteries and manganese. In addition, to stabilize prices for ordinary citizens, the government decided not to apply the 0.5% adjustment tariff temporarily on naphtha and other items subject to the adjustment tariff until September 30.

A presidential office official explained, "We have decided to reduce tariff quotas on 13 imported items currently experiencing price and supply instability," adding, "The extension of the reduction in the individual consumption tax on passenger cars is expected to play a significant role in helping the struggling automobile industry and easing consumer burdens amid the prolonged Russia-Ukraine situation, global supply chain issues, and soaring manufacturing costs."

At the Cabinet meeting that day, a partial amendment to the Enforcement Decree of the 'Internet Multimedia Broadcasting Business Act' was passed, which changes the approval system for internet multimedia broadcasting usage fees to a notification system, thereby easing regulations. Also, a partial amendment to the Enforcement Decree of the Broadcasting Act was approved, covering standards and procedures for reporting technology convergence service provision, reporting and approval procedures for paid broadcasting terms of use, content and procedures for quality evaluation of paid broadcasting services, and support for small and medium comprehensive cable broadcasting operators.

This content was produced with the assistance of AI translation services.