Bill proposed to extend tax exemption on petroleum for farming, forestry, fishing

A ruling party lawmaker said he proposed a bill aimed at extending a tax exemption on petroleum used for farming, forestry and fishing by three years.

Rep. Song Eon-seok of the ruling People Power Party said the bill is designed for stable supply of agricultural and fisheries products amid rising inflation.

“If the amendment is passed, it will not only reduce the burden on farmers and fishermen, but also ease the burden on the people due to rising prices of agricultural and fisheries products,” Song said.

The exemption of value-added and consumption taxes on petroleum for farming, forestry and fishing is set to expire at the end of this year.

If the bill is passed, the tax exemption will be extended to the end of 2026.

Source: Yonhap News Agency

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