Tax reduction expected to be implemented on crude oil.

By bne IntelliNews April 11, 2011
The South Korean government plans to imply tax reductions on crude oil, in an effort to combat increasing inflationary pressure. As reported by IHS Global Insight Daily Analysis, Finance Minister Yoon Jeong-hyun stated that the country is currently working intensively to decide whether tax adjustment will support persuade price reductions to the extent. The administration is expected to carry out an extensive study upon the impact that tax reduction on oil would have on the overall collection of tax revenue, along with the wider impact on the national energy sector. The government is likely to assess the findings and adopt steps based on them.

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