Tariffs on Food Imports Waived to Fight Inflation

  • By Hwang Ji-yoon

    May 31, 2022 11:26

    The government on Monday announced tax cuts, support for low-income households and other measures to help tame runaway inflation. They include scrapping tariffs on imports of food essentials as well as VAT rebates.
    The current tariff of 22.5-25 percent on imported pork will be scrapped until the end of this year. The government expects that to result in an 18.4 percent to 20 percent drop in prices, which means the cost of importing US$1,000 worth of pork will fall from W1.56 million to W1.25 million assuming that a dollar is worth W1,250.
    A man shops for cooking oil in a superstore in Seoul on Monday. /News1
    Tariffs on cooking oil, wheat, flour, root vegetables for animal feed and processed egg products, whose prices have skyrocketed due to Russia’s invasion of Ukraine, will also be waived until year-end.
    Coffee and cocoa bean will be exempt from 10 percent VAT because poor harvests in Brazil and other grower nations have caused prices to surge since the second half of last year. VAT on processed kimchi and seasonings will also be waived to offset rising prices.
    • Copyright © Chosunilbo & Chosun.com
    Previous Next
    All Headlines Back to Top