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South Korea Reduces Import Tariffs To Tackle Inflation

by Mary Swire, Tax-News.com, Hong Kong

23 December 2010


In 2011, the South Korean government has decided to reduce the import tariffs on 67 products that are widely used by low and middle-income families in the country, thereby reducing inflationary pressures on them.

This year, there has existed a list of 57 items that have been subject to lower import tariffs, in order to reduce the effects of their higher prices on families. The Ministry of Strategy and Finance has decided to retain the reduced duties on 43 of those products, while adding a further 24 items to the list.

The new products on the list, the tariffs on which will be reduced for a minimum of six months, include children’s clothes and baby strollers, flour and cooking oil. In addition, such items as cosmetics, detergents, vitamins, sugar and tires remain with the reduced duties that were due to expire at the end of this year.

Previously, it has also been said that the government will be looking to make more efficient the distribution of all of the products important to those on low-incomes, and is considering all measures, including those related to the distribution of agricultural products, to avoid excessive increases to their prices.

TAGS: individuals | tax | tariffs | Korea, South | import duty | trade | inflation

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