Tag: tax cut

tax cut

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Gasoline and diesel prices are displayed on a board at a self-service gas station in Daejeon on Aug. 14. [JOONGANG ILBO]

Fuel tax cuts get extended to end of October

The government will extend its temporary fuel tax cut, which was initially set to expire at the end of August, through the end of October as tariff-driven risks drive continued volatility in oil prices.

2025.8.14

U.S. Treasury Secretary Scott Bessent talks to reporters about his lunch meeting with Republican senators and the schedule for getting the Republican megabill to U.S. President Donald Trump's desk by July 4, at the Capitol in Washington on June 24. [AP/YONHAP]

Trump pushes Congress to pass his 'big beautiful bill' as debate clouds path forward

U.S. President Donald Trump urged fellow Republicans in the U.S. Senate on Tuesday to advance his sweeping tax-cut and spending bill, as party hardliners and moderates squabbled over proposed spending cuts.

2025.6.25

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Gasoline is being sold for 1,549 won ($1.10) per liter at a gas station in Seoul on April 21. [NEWS1]

Gas prices to rise as government trims fuel tax cut through June

The Ministry of Economy and Finance has said that it will extend the cut in fuel taxes through to the end of June, while partially scaling back the level of the reduction, which will result in a 40 won ($0.03) increase in gas prices starting May 1.

2025.4.22

Finance Minister Choi Sang-mok speaks at a press conference at the government complex in Sejong on Friday. [MINISTRY OF ECONOMY AND FINANCE]

Fuel tax cut extended by two months amid geopolitical uncertainties

Korea will extend the tax cut on fuel consumption by another two months as geopolitical uncertainties in the Middle East impact global oil prices.

2024.2.16

A driver refuels his car at a gas station in Seoul on Sunday. Finance Minister Choo Kyung-ho said on Tuesday that the tax cut on fuel consumption, which expires this month, will be extended for another two months. [YONHAP]

Fuel tax cut extended as uncertainties in Middle East continue

The government will extend the tax cut on fuel consumption for another two months amid uncertainties surrounding the war in the Middle East, according to the Finance Ministry on Tuesday.

2023.12.12

Finance Minister Choo Kyung-ho at a ministerial meeting held at the government complex in central Seoul on Monday. [YONHAP]

Fuel tax cut extended to tackle inflation amidst Israel-Hamas conflict

Korea will extend the tax cut on fuel consumption throughout the end of the year amid concerns about inflationary pressure caused by the outbreak of the Israel-Hamas conflict in early October.

2023.10.16

Finance Minister Choo Kyung-ho speaks during a ministerial meeting held at the government complex in central Seoul on Monday. [MINISTRY OF ECONOMY AND FINANCE]

Korea to extend fuel tax cut till end of 2023 given Israel-Hamas war

Finance Minister Choo Kyung-ho said in a ministerial meeting on Monday that the government will extend the tax cut from the end of October to stabilize oil prices that could escalate inflation, especially for energy and food.

2023.10.16

Vegetables are displayed at a traditional mart in Daejeon on Aug. 23 [JOONGANG PHOTO]

Gov't ponders fuel tax cut extension amid soaring oil prices

The government is considering extending a tax cut on fuel consumption due to soaring oil prices, at their highest since November 2022, to tame inflation ahead of the Chuseok harvest holidays.

2023.9.15

The price of gasoline and diesel at a gas station in Seoul is seen in this photo taken Aug. 15, 2023 [YONHAP]

Government ponders extension on fuel tax breaks

The government is considering extending the current tax cuts on fuel consumption through to December, sources said Tuesday, amid soaring energy costs and high inflation.

2023.8.15

People walk past a sign board showing oil prices in Seoul on Tuesday. The Ministry of Economy and Finance announced Tuesday it would extend tax cuts on fuel for four months through August. [NEWS1]

Tax cut on fuel extended until August

Korea extended a tax cut on fuel for another four months as oil prices remain uncertain and inflation stays high.

2023.4.18