Korea will extend its consumption tax cut on passenger cars for an additional six months through the end of June next year, the finance ministry said Wednesday. Under the latest extension, the individual consumption tax on passenger vehicles will be lowered to 3.5 percent from the original 5 percent, according to the Ministry of Economy and Finance. The ministry said the measure will be terminated after June 30, 2026, taking into account recent signs of recovery in domestic demand. The government first introduced the tax cut in July 2018 and has since repeatedly extended it to help boost domestic consumption, particularly during the COVID-19 pandemic. Separately, the government will also extend its fuel tax cuts for an additional two months through the end of February to ease the burden on consumers amid continued volatility in global oil prices. Under the latest extension, the current tax reductions — 7 percent on gasoline and 10 percent on diesel and liquefied petroleum gas (LPG) — will remain in place until Feb. 28. The latest decision took into account the uncertainty in domestic a