SEOUL, June 29 Asia Pulse - The government will enlarge the scope of exempting value-added taxes to online publications delivered over the Internet starting from next month, officials said Tuesday.
The National Tax Service, which has revamped rules pertaining to value-added taxes, said the expansion will be made for "e-books" with a greater number of contents.
It said the change resulted from amendments to the country's tax codes and the definition of "online publication."
Eligible for the tax breaks are materials that are not compiled on CD-ROMs and have more than 70 per cent of their contents composed of pictures and letters. In the past, only information stored on CD-ROMs were considered online publications. Materials that have more than 30 per cent of their content in the form of moving pictures are not considered e-books.
From July, the government will also streamline paperwork that must be submitted to buy property, while tighter monitoring will be enforced on sales of tax-free fuel for farmers and fisherman.
Farmers who buy more than 20,000 liters of fuel per year and fisherman who purchase more than 40,000 liters must now use a special tax-free fuel purchasing card. This measure is meant to curb concerns that farmers and fisherman were selling their rights to use tax-free fuel to those not eligible for them, distorting regular oil prices and cutting down on state revenues.
(Yonhap) 29-06 1259
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