South Korea’s Ministry of Strategy and Finance has announced that customs duties will be reduced for components that are utilized in industries producing or using new and renewable energy.
To support such low-carbon, green growth-related industries, the government will offer 50% tariff cuts for 31 such components from September 23, 2009 - 21 items used for producing solar energy, seven for wind-power, one for hydrogen fuel cells, and two for using geothermal energy.
These cuts are expected to add KRW10.8bn (USD9m) to the reductions totaling KRW13.5bn already made in 2008 for new and renewable energy related products. The government has stated that this tariff revision to support green growth related industries is additional given that tariff revisions are usually made annually. It confirmed, however, that tariff reductions for green growth related items will be continuously expanded.
In August this year, the government announced that it was formulating strategies under which the country’s future expected greenhouse gas emissions could be decreased. It was then expected that green tax incentives would form part of the eventual plan, particularly to promote the production and use of energy from renewable sources.
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