[Breaking] Law Expanding Fuel Tax Elastic Rate from 30% to 50% Passed in Plenary Session

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] On the 2nd, a bill to stabilize the high oil price situation by expanding the fuel tax flexible rate from the current 30% to 50% passed the National Assembly plenary session.

The bill is a partial amendment to the Transportation, Energy, and Environment Tax Act and the Individual Consumption Tax Act. It includes provisions to expand the fuel tax flexible rate, currently limited to 30%, to 50%.

The bill stipulates that this will be applied temporarily until the end of 2024. It also reflects the government's proposal to add a supplementary opinion stating, "Let’s decide after comprehensively considering the adjustment of the flexible tax rate following the law amendment."

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