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(Plastemart) -- In a bid to curb
inflation that threatens the country's economic recovery, South Korea's finance
ministry plans to extend tax breaks on oil product imports to 2011. This
extension of tax breaks is expected to reduce burden on local consumers and
control inflation.
Tariff on gasoline, diesel, kerosene and heavy fuel oil imports that were
reduced from 5% to 3% in 2010, will remain at 3% next year, while tariffs on LNG
and LPG will also stay cut from 3% to 2% for 2011.
Tax on imported polyethylene, which was cut from 8% to 2% in 2010, will
remain at 2% in 2011.
mrcplast.com
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