South Korea Scraps Excise Taxes on Air-Conditioners
Sep 24, 2004
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South Korea's The National Assembly has passed a reform measure that exempts air-conditioners and 10 electronic and sports-related products from excise taxes.
The move, designed to bolster consumer spending in the region, means lower prices for items like plasma panel display (PDP) and projection TVs, golf clubs, and motor boats.
South Korean retailers have already begun lowering prices in anticipation of the price cuts, which could top 16 percent for certain products.
The plenary session of parliament also approved tax cuts for automobiles that meet eco-friendly emission standards.
In addition, the region's lawmakers passed a motion that will allow the government to offer support for building various e-commerce networks and to help foster the growth of traditional open-air markets that have been hit hard by the downturn of the economy. (Yonhap)
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