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S Korea to reduce tariffs on 67 items in 2011

12-21-2010 21:20 BJT

SEOUL, Dec. 21 (Xinhua) -- South Korea said Tuesday it will reduce tariffs on a total of 67 items in 2011 to tackle inflationary pressure and stabilize low- and mid-income household lives.

According to the Ministry of Strategy and Finance, 24 items, such as strollers and children's clothes, will be newly added to the existing list of goods applied to lower import taxes.

Of the existing list, currently made up of 57 items, 43 items were selected to remain, thus extending the list to a total of 67.

Starting from 2011, tariff rates will also be lowered by at most 40 percentage points, with the lowered tax to be applied at least six months up to one year.

The move comes as the government seeks to stabilize low-income household lives by curbing inflation.

The selected items mostly consist of goods often used by low-income people, such as sugar, tires, soap, flour, gasoline and other oil products, the ministry said.

Editor:Zheng Limin |Source: Xinhua

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