S. Korea to extend tax exemption for coffee, cacao bean imports

South Korea's agricultural ministry said Wednesday the country will extend the value-added tax exemption on coffee and cacao beans through 2025 to alleviate consumers' burden amid inflation.The country has been exempting a 10-percent value-added tax on coffee and cacao bean imports since July 2022, amid growing concerns over inflation. The policy was initially scheduled to expire in December.Consumer prices rose 3.2 percent from a year earlier in December, marking the fifth consecutive month that prices have stayed above the 3 percent level, although the growth has slowed down for two months in a row. Prices of agricultural products surged by 15.7 percent, the highest since April 2021.To further ease consumers' burden, the ministry added that it is also seeking to adopt a tariff-rate quota system for 26 major products, including sugar, sunflower oil, processed egg products and corn this year.Under this policy, products are imported with favorable duty conditions within a designated volume.Source: Yonhap News Agency