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S.Korea to Raise Gasoline and Oil Products Taxes
South Korea will increase taxes on gasoline and oil products from next year but will scrap the annual license fee for motorists.
The South Korean government made the decision at a cabinet meeting Tuesday morning to increase taxes on gasoline and oil products and to abolish the license fee of average of some US$30.
The government also decided to raise import and sales taxes for oil to 14 won (some 1.2 US cents) from 13 won per liter and for liquefied natural gas to 9,750 won (some US$8.5) from 6, 908 won per ton and that for kerosene to 23 won (some two US cents) from 20 won per liter.
At the meeting, the government has agreed to increase the amount of its guarantees for depositors at agricultural, fishery, forestry and livestock cooperatives to 50 million won (some US$45,000) from 20 million won.
In addition, it determined to extend an exemption of tariffs on imported cigarettes until the end of next June and to establish a futures exchange market in Pusan, the largest port city of South Korea, in 2004.
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