S. Korea to extend consumption tax cut on cars for 6 more months

South Korea will extend its consumption tax cut on passenger cars for an additional six months through the end of June next year, the finance ministry said Wednesday. Under the latest extension, the individual consumption tax on passenger vehicles will be lowered to 3.5 percent from the original 5 percent, according to the Ministry of Economy and Finance. The ministry said the measure will be terminated after June 30, 2026, taking into account recent signs of recovery in domestic demand. The gov