Seoul-South Korea has decided to extend a tax cut on auto fuels by four months until the end of August, albeit at a weaker rate, to help lower costs and revive the country’s economic slowdown, the finance ministry said Friday. The rate of the tax reduction will be 7% from May, down from the current rate of 15%, as an effort to phase out the tax cut in a gradual manner, the Ministry of Economy and Finance said in a statement. In November 2018, the ministry lowered taxes on auto fuels by 15% for six months from November 6. The temporary measure was scheduled to end May 6.
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