Ulsan City Expands Public Bond Purchase Exemption When Registering Passenger Cars

Implementation of March Budget Policy for Livelihood Stability of New Social Entrants

Vehicles under 1600cc and Contracts under 20 Million Won

Starting in March, when purchasing and registering passenger cars under 1600CC in Ulsan, buyers will no longer be required to purchase local development bonds, reducing the burden of car purchases. This is due to the expansion of the exemption scope for bond purchases.

The Ulsan City government announced that from the 1st of next month, the obligation to purchase bonds will be exempted for new and transfer registrations of non-commercial passenger cars under 1600cc and for contract agreements under 20 million KRW.

For non-commercial passenger cars, the exemption from mandatory bond purchases upon new and transfer registration has been expanded from under 1000cc to under 1600cc, easing the burden of car purchases for young adults and newlyweds.

Additionally, when local governments enter into contracts for construction, goods, or services, the mandatory bond purchase exemption has been expanded from contracts under 1 million KRW to those under 20 million KRW, alleviating the burden on small business owners and self-employed individuals struggling due to COVID-19 and economic downturns.

Ulsan City submitted the “Partial Amendment to the Ulsan City Local Development Fund Ordinance” to the 236th City Council extraordinary session for review, and the related ordinance was passed at the 2nd plenary session on February 22.

The ordinance will go through promulgation procedures and is scheduled to take effect on March 1.

An official from Ulsan City stated, “We hope that the expansion of the bond purchase exemption will help reduce the burden on small business owners and citizens who are currently facing difficulties due to recent high inflation and high interest rates.”

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