Fishing Vessel Fuel Subsidy: Who Qualifies and What You Get
Learn how registered commercial fishermen in South Korea can receive tax exemptions on diesel used for fishing operations.
This scheme provides tax relief to help commercial fishermen manage the high costs of diesel used during fishing operations.
Who it's for
You qualify if you are a registered commercial fisherman and hold an active permit for your vessel.
What you get
You receive an exemption from the petroleum taxes typically applied to the diesel used to power your fishing vessel.
What it costs you
While the subsidy itself is a tax break, you must manage a fuel pass card and complete monthly reports regarding the volume of fuel you use.
The catch to know
The tax-free fuel is strictly for fishing work only. You will face heavy penalties if you use this fuel for personal travel or any other non-fishing purpose.
How to apply
- Ensure your vessel permits and commercial registrations are up to date.
- Obtain the required fuel pass card for your vessel.
- Set up a system to track and report your monthly fuel usage.
- Visit the official portal for more details: https://www.mof.go.kr