South Korea Extends VAT Exemption to Battle Inflation and Ease Financial Burden on Consumers

• South Korea has extended the VAT exemption on coffee and cacao bean imports until 2025 to combat inflation.
• The VAT exemption saves consumers a 10 percent tax.
• South Korea has been experiencing a rise in consumer prices, with December seeing a 3.2 percent increase year-on-year.
• The prices of agricultural products have surged by 15.7 percent, the highest since April 2021.
• The agricultural ministry is considering implementing a tariff-rate quota system for essential products to alleviate financial pressure on consumers.

Source: bnnbreaking.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.

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