40% of Registered Vehicles in Seoul Prepay Annual Automobile Tax... 28.4 Billion Won Tax Reduction Benefits

1.27 million out of 3.17 million vehicles prepaid automobile tax
Annual automobile tax prepayment increased by 48,655 vehicles, up 3.98% from last year

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 15th that as a result of operating the annual automobile tax prepayment reporting and payment period this year, 1.27 million vehicles, accounting for 40% of the 3.17 million registered vehicles, have completed the payment of the annual automobile tax.

The 281.6 billion KRW paid this time accounts for 45.7% of Seoul City's automobile tax collection target (budget) of 616.4 billion KRW. Compared to last year, the number of applications increased by 48,655 vehicles, and the amount of tax paid increased by 12.7 billion KRW.

Thanks to the voluntary participation of Seoul citizens, 1.27 million vehicles, which is 40,000 more than the originally targeted 1.23 million vehicles for sending annual tax payment notices, made lump-sum annual payments and received a total tax credit benefit of 28.4 billion KRW. Environmentally friendly vehicles such as electric and hydrogen cars participated in the prepayment for 25,281 vehicles, accounting for 58.8% of the 43,009 registered vehicles in Seoul, receiving a tax credit benefit of 130 million KRW.

The number of annual prepayment applications has steadily increased every year, which is the result of Seoul City's active implementation of various payment convenience policies such as promotion of prepayment and easy payment services using smartphones. The response of Seoul citizens to the automobile tax prepayment was also positive.

Lee Byung-han, Director of the Finance Bureau, said, “Automobile tax is a tax paid annually by most households, and even with a little attention during busy times, you can receive up to 120,000 KRW in automobile tax reduction benefits. Therefore, citizens who missed the January prepayment are encouraged to use the March prepayment application to receive tax reductions.”

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