South Korea's Finance and Economy Ministry said on March 22 that it intends to lower the taxes on beer. Tax rates for beer will fall from 100 % to 72 % in three year's time. This is expected to cost the government 450 billion won (US$38.3 million) in lost annual earnings from 2007 onward, which is a sizeable percentage of the 3 trillion won generated through the alcohol tax, Asia Pulse revealed in a report.

23 March, 2004