Korea extends fuel tax cuts by two months through January

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The South Korean government will extend temporary fuel tax cuts by another two months through the end of January, postponing their scheduled expiration at the end of this month.…

The South Korean government will extend temporary fuel tax cuts by another two months through the end of January, postponing their scheduled expiration at the end of this month. The measure, first introduced in late May, has now been extended for a third time.

The Ministry of Finance and Economy said Wednesday that the additional extension was decided at an emergency economic ministers’ meeting chaired by Deputy Prime Minister and Finance Minister Lee Hyoung-il. The move aims to address uncertainty stemming from the war in the Middle East and ease the burden of high fuel prices on households.

The current tax reduction rates will remain unchanged through January 31 – 15 percent for gasoline and 25 percent each for diesel and butane.

The government also decided to launch a task force on polarization, led by the deputy prime minister. Lee said the task force would establish working groups to address labor market dualism and reduce disparities across industries, regions, and generations.

“We will actively identify key policy tasks aimed at resolving these issues through working groups focused on improving the dual structure of the labor market and easing social disparities across industries, regions, and generations,” Lee said.

The government also plans to increase the frequency on its economic outlook releases from twice to three times a year, the first such change in 32 years, to respond more swiftly to rapidly changing domestic and external conditions.

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