Chungbuk, Tax Savings of 36,600 KRW for 'Automatic Annual Prepayment' Based on 2000CC Standard

[Asia Economy (Chungbuk) Reporter Jeong Il-woong] Chungbuk Province is accepting applications for annual prepayment of automobile tax until the 1st of next month. Vehicle owners who pay the tax in a lump sum after applying for the annual prepayment can save 9.15% of the annual tax amount.

According to the province on the 11th, the automobile tax annual prepayment system is a system that offers a discount on the annual tax amount when the automobile tax, which is normally paid in June and December each year, is paid in a lump sum in January.

The annual prepayment applies to all vehicle types subject to automobile tax, including automobiles, construction machinery, and two-wheeled vehicles.

However, unlike last year when a 10% discount was provided for lump-sum payment of automobile tax in January, this year a 10% discount is applied only to the automobile tax from February to December, excluding the January portion (equivalent to 9.15% of the total tax paid).

Annual prepayment can also be applied for and paid in March, June, and September. The discount rates applied are 7.53% in March, 5.04% in June, and 2.52% in September, respectively.

Applications can be made from the 16th at the tax departments of the respective cities and counties or through Wetax.

To facilitate applications for residents, the province plans to send out annual prepayment tax bills collectively this year to those who applied last year. Payments can be made at all financial institutions nationwide, via Wetax, credit cards, and internet banking.

Meanwhile, vehicle owners who transfer or scrap their vehicles after prepaying the automobile tax can receive a full refund of the tax amount corresponding to the remaining period.

Last year, Chungbuk secured early tax revenue of 59.4 billion KRW as 322,000 vehicles (38.6%) out of 835,000 taxable vehicles prepaid their automobile tax in January. Additionally, taxpayers received tax savings benefits amounting to 8.48 billion KRW.

This content was produced with the assistance of AI translation services.