The Ministry of Economy and Finance announced the operation plan for flexible tariff rates and quota tariffs for the second half of 2025. It is scheduled to take effect on July 1, 2025.
- The individual consumption tax reduction for passenger cars (from the basic rate of 5% to a flexible rate of 3.5%, with a cap of KRW 1,000,000) and the individual consumption tax reduction for power generation fuel (15%) are extended by 6 months to December 31, 2025.
- The fuel tax reduction (10% for gasoline, 15% for diesel and LPG butane) is extended by 2 months to August 31, 2025.
- The quota tariffs of 0% on LPG and crude oil for LPG production and 15-20% on 4 processed fruit items are extended, and the quantity for fruit cocktail is increased from 5,000 tons to 7,000 tons.
- A 0% quota tariff is newly applied to 10,000 tons of mackerel (basic tariff rate 10%), and the quantity for processed egg products is increased from 4,000 tons to 10,000 tons.
- The quota tariffs on 8 tropical fruit items, including bananas and mangoes, end on June 30, 2025.
Source: Policy Briefing, Ministry of Economy and Finance press release (June 16, 2025)