Good: North Korea Tax on Deer Velvet to be Lifted

A special excise tax (SET) on deer velvet could soon be lifted by the South Korean government.

Good: North Korea Tax on Deer Velvet to be Lifted 1448422907873

Good: North Korea Tax on Deer Velvet to be Lifted 1448422907873

The tax is applied to several 'luxury' products, including dried and frozen deer velvet.

For velvet, the excise tax is 7 per cent, but when additional taxes were added to it, the effective rate was 10 per cent.

Deer Industry New Zealand market manager Asia Rhys Griffiths said the tax was being eliminated in two stages.

The first cut, which removed 30 per cent of the tax, took effect in late August.

The second cut, which will take it to zero, depends on the financial approval of legislation now before the South Korea National Assembly.

Reports suggest it will take effect on January 1, 2016.

http://www.stuff.co.nz/business/farming/agribusiness/74103293/tax-on-deer-velvet-to-be-lifted

Good: North Korea Tax on Deer Velvet to be Lifted

Good: North Korea Tax on Deer Velvet to be Lifted

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