Gov’t to provide various benefits, tax cuts to boost domestic consumption


the government’s economic policy
direction for next year includes cutting consumption taxes propping up tourism
and increasing car sales in order to boost domestic consumption the measures
are looked to help achieve the target of 2.4 percent growth in 2020 Kimia song
has our top story a special cuts to consumption tax will be given to buyers
of new passenger cars in the first half of next year if they’re replacing
vehicles that are more than 10 years old or purchasing hydrogen cars that’s one
of the changes outlined in the government’s 2020 economic policy
direction aimed at lifting growth by boosting domestic consumption and
investment the government will also return 10% of value-added text for
consumer goods such as home appliances on a designated day during South Korea’s
still festive period in November and the government will establish on arrival
duty-free shops at all major airports in the country to boost local tourism
people will be able to claim 30 percent of domestic lodging expenses as income
tax deductions as long as the expenses are below eight under sixty US dollars
the government will also cut special consumption tax at golf clubs in Jeju
Island and southern parts of the country by seventy five percent from January
next year until the end of 2021 to attract domestic visitors to those areas
and to bring in more foreign visitors the government eased visa restrictions
for a group tourists from Southeast Asian countries Tim Ezell and Lois

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