South Korea to offer tax incentives to develop oil trading hub
South Korea is reportedly planning to offer tax incentives and ease regulations in order to encourage the development of an oil trading hub. According to Platts, oil traders doing business in South Korea will be exempt from corporate tax for five years and then benefit from a 50% reduction for a further five years. The government will also ease regulations for oil blending, storage facilities and shipping, and says it is planning to provide some 20mn barrels of storage capacity to the private sector, increasing the country’s total capacity for commercial storage to 56.6mn barrels.
News Item details
Journal title: Petroleum Review
Countries: South Korea - Asia-Pacific -
Subjects: Policy and Governance, Oil, Taxation
