South Korea will eliminate special consumption taxes on expensive jewelry as early as next year to boost local jewelry industry, the South Korean government said Monday.
According to a statement by the Ministry of Finance and Economy, South Korea will abolish the current 20 percent special consumption tax on jewelry priced over 2 million won (2180 U.S. dollars).
"The jewelry industry could create both jobs and high-value- added products," the ministry said.
The ministry said the government will also offer loans with an annual interest rate of 4.75 percent to support the businesses' gemstone purchases and will select a center and designate it as the Center for Jewelry Industry Development.
Source: people
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