Seoul to extend tax cuts for fruit imports
SEOUL: Finance Minister Choi Sang-mok says the government will extend tariff reduction on fruit imports and introduce the lower-tariff scheme for food materials in an effort to curb inflation.

The government has applied the tax reduction through the tariff-rate quota on imports of 28 kinds of fruits, including bananas, pineapples, mangoes and cherries, which was supposed to end by the end of June.

But it decided to extend the measure through the end of 2024, Choi said, presiding over a prices-related ministers’ meeting in Seoul.

It will also extend the tariff reduction on 12 food materials, such as sugar and coffee beans, and introduce the quota-based tariff adjustment scheme for an additional seven kinds of food materials, including butter and whole milk powder.

“Despite the gradual easing of inflation, the overall level of prices has heightened to cause a burden on the people. The government will strive for stabilising prices further,” Choi said, calling on companies to join the efforts.

In May, consumer prices, a key gauge of inflation, rose 2.7% on the year, compared with the 2.9% rise a month earlier, according to data from the Statistics Korea. — The Korea Herald/ANN
Economy,SouthKoreaInflation,FruitTariffCuts,FoodPrices,ImportMeasures,PriceStabilisation,ConsumerPrices
Finance Minister Choi Sang-mok says the government will extend tariff reduction on fruit imports and introduce the lower-tariff scheme for food materials in an effort to curb inflation.