The South Korean Ministry of Finance and Economy has announced it is bringing forward planned consumption tax cuts and they could be introduced as early as next week.
The sales tax cuts will be implemented on luxury goods, cars and many domestic appliances. Originally due to be introduced early next year, the government decided to bring the cuts forward as soon as was possible when it became apparent that consumers had considerably slowed down their purchases because they were waiting for the cuts.
According to a report from the Wall Street Journal, it is expected that the tax on passenger cars will be reduced from 7 - 14 per cent of the factory price to 5 - 10 per cent. Tax on various domestic appliances and jewellery will be cut to 20 per cent of the factory price from its original rate of 30 per cent. In addition, taxes on camera equipment and perfume will be abolished.
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