By Yoon Ja-young
Staff Reporter
Taxes on oil products, such as gasoline and liquefied petroleum gas, will be cut by around 10 percent. The tax cut will be temporary, effective until the end of this year.
The Ministry of Finance and Economy said it will hand in the oil tax cut measures to the Cabinet meeting scheduled for March 3. ``Once approved by the Cabinet, it will be executed as soon as possible,'' the ministry spokesman said.
Currently, a total of 745 won tax is levied on a liter of gasoline, and 528 won on diesel, as education tax, motor fuel tax and others.
The tax on gasoline will be cut by around 82 won per liter, and 58 won on diesel.
The ministry said the tax cut will be temporary, and added that it can't tell for now whether the tax cut will continue next year.
The tax reduction on oil products is estimated to cost 1.3 trillion won.