Seoul — South Korea is planning to cut taxes on LNG by 74% and raise taxes on coal for power generation by 27% next year in an effort to cut the country’s heavy reliance on coal for power production and shift towards gas, government officials said Tuesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In a revision to the tax code, the government plans to lower taxes on LNG, including consumption and import tax, to Won 23 ($0.02)/kg from Won 91.4/kg currently, according to the finance ministry. Taxes on thermal coal will increase further to Won 46/kg from Won 36/kg currently. The tax was raised from Won 30/kg to Won 36/kg in April. If the new tax code gets approval from the National Assembly, it will go into effect from April 1, 2019, the ministry said. “The tax revisions on LNG and thermal coal […]