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BPA to benefit from tax reduction or exemption in July

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Beginning in July this year, state and local taxes including an acquisition tax, a special tax for rural development on ships owned by the Busan Port Authority (BPA) and cranes will be reduced or exempted.

The Busan metropolitan city government said Saturday that it was going to reduce or exempt state and local taxes on them in July after turning in an application to the Ministry of Government Administration and Home Affairs (MOGAHA) early next month.

If the central government approves, it is going to ask the city council to approve the revision of a municipal ordinance for reduction and exemption of taxes. The revised ordinance would be effective for three years until the end of 2006.

After that, the city government will decide whether or not to extend the measure depending upon public service, contribution and operational stability of the authority.

The source of news : Busanilbo, Monday March 1, 2004, 9:17