S.Korea to Tax Coal for Power from July 1; Lower LNG, Fuel Oil Tax

  • Friday, January 24, 2014
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  • Keywords:tax,coal, power, LNG, fuel oil
[Fellow]South Korea plans to impose a tax on coal used for
[Ferro-Alloys.com] South Korea plans to impose a tax on coal used for power generation and lower taxes on fuels used for cooking and heating from July 1, to reduce consumption of electricity to avoid blackouts during peak demand periods.
 
Asia's fourth-largest economy has struggled over the last 1-1/2 years to avoid outages during periods of high power demand due to a nuclear safety scandal and related reactor closures.
 
Officials expect the tax revision to curb power use because of higher coal prices, and boost consumption of liquefied natural gas (LNG), fuel oil and propane gas.
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