- The government will extend the VAT exemption on coffee and cacao beans through 2025.
- The exemption was initially scheduled to expire in December.
- The extension aims to alleviate consumers’ burden amid inflation.
- Consumer prices rose 3.2 percent in December, with agricultural product prices surging by 15.7 percent.
- The ministry is also considering adopting a tariff-rate quota system for 26 major products to further ease consumers’ burden.
Source: koreajoongangdaily.joins.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
