A bill to remove the duty-free limit of '2 bottles' for travelers to Jeju Island passed the State Council meeting on 24th. Consequently, it has become possible to purchase more than 2 bottles of duty-free alcohol at designated duty-free shops in Jeju Island. Smaller bottles of liquor or canned beer are also not subject to bottle quantity restrictions. However, this is only possible under the conditions of ▲ a total alcohol volume of 2 liters ▲ a purchase limit of $400.
President Lee Jae-myung presided over the State Council meeting on this day, where the 'Partial Amendment Bill of Special Self-Governing Province Jeju Duty-Free Rules for Travelers' was reviewed and passed. The key point is to delete the '2 bottle limit' provision specified in the existing regulations. Spokesperson Kang Yu-jeong noted in a briefing that, "The revised bill deleting the bottle quantity standard for duty-free alcohol for travelers to Jeju Island was reviewed and passed to enhance convenience for travelers to Jeju Island."
A partial amendment of the special consumption tax law to lower fuel taxes and the individual consumption tax on certain items also passed the State Council meeting. Spokesperson Kang stated, "Considering the overall necessity for price stability and the recovery of people's livelihoods due to the Middle East situation, the amendment of the special consumption tax law to extend the temporary tariff and reduce some fuel taxes and individual consumption taxes was reviewed and passed."
As a result, the deadline for the temporary reduced tax rates applied to gasoline, diesel, and liquefied petroleum gas (LPG) butane has been extended by 2 months, from the end of this month to August 31st. The temporary reduced tax rate for passenger cars has also been extended by 6 months until the end of December. The current reduction rate is 10% for gasoline and 15% for diesel and LPG butane. This is the 16th time the government has extended fuel tax reduction measures since late 2021 as part of its measures against high prices.
On the same day, an amendment to the income tax law was passed, clearly stipulating the tax-exempt requirements for pension payments received through the securitization of death insurance. In addition, specific scopes for tax credit application for national strategic technologies and research and development facilities related to new growth and foundational technologies were defined, and an amendment addressing the scope of tax credits for operating expenses of eSports competitions was also processed.