The South Korean government has decided to revise the tax system on beer for the first time in half a century to address imbalances in taxes between domestic and imported beer.

The decision was made Wednesday during a meeting between the government and the ruling Democratic Party.

Under the proposed revision, the liquor tax for beer will be based on amount and alcohol by volume, rather than the combined price of manufacturing costs, profit, general and administrative expenses.

There have been calls to change the current system applied to domestic beer, since the tax for imported beer is only based on the import price and tariffs.

The current 72-percent liquor tax on beer will be revised to 830 won per liter for both local and foreign beer brands.

A liquor tax of 41-point-seven won will also be levied per liter of "makgeolli," a Korean rice wine, instead of the current five percent of the price.

The government plans to submit the revised tax system to the National Assembly for approval in September to be enforced next year.