South Korean Government to Reduce Taxes on Imported LNG for Power Generation

Feb 01, 2019

Taxes on imported LNG (Liquefied Natural Gas) for power generation purposes will be reduced.
South Korean Government held a committee on the 31st and reviewed and decided on tax rates on imported substitute fuel for oil and refund plan.
It is going to levy and collect taxes from importers to stabilize supply and demand and prices of substitute fuel for oil and refund some of taxes back.

South Korean Government to Reduce Taxes on Imported LNG for Power Generation

It is going to reduce taxes on imported LNG for power generation from $0.022 (24.242 KRW) per kg to $0.0036 (3.8 KRW) per kg and it will refund entire taxes ($0.0036) on LNG for cogeneration.
“We are planning to encourage people to use more LNG, which is eco-friendly fuel, to reduce amount of fine dusts and discourage people to use bituminous coals.” said South Korean Government. “We are planning to refund more taxes to encourage use of LNG for cogeneration since it is energy efficient and eco-friendly.”
South Korean Government is also going to reduce tax rate from costs of using dispatchers from 3.2% to 2.9%.
Staff Reporter Yoo, Seonil | ysi@etnews.com

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