Gyeonggi-do Imposes 409.4 Billion KRW in First-Period Vehicle Tax... Up 4.9%

Gyeonggi Provincial Government

Gyeonggi Province has imposed the first installment of automobile tax for this year on 3,947,000 vehicles, amounting to 409.46 billion KRW.

This is an increase of 19.1 billion KRW (4.9%) compared to the same period last year. This is due to an increase of 162,000 vehicles (5.16%) in the number of registered vehicles in the province compared to last year.

The number of vehicles subject to this automobile tax excludes tax-exempt and prepaid vehicles among all registered vehicles.

Automobile tax is imposed twice a year on the owners listed in the registration records as of the tax base dates, June 1 and December 1 each year.

The first installment of automobile tax imposed this time is the tax for vehicle ownership from January 1 to June 30, 2023.

The payment period is from the 16th to the 30th of this month.

If the annual automobile tax is paid in advance, a tax credit is available. If the second installment of automobile tax (for ownership from July 1 to December 31) is prepaid by June 30, a 3.5% discount on the automobile tax can be received.

Meanwhile, the number of registered vehicles in the province as of the end of May is about 6.44 million. This accounts for 25% of the total registered vehicles in South Korea (25.708 million). In other words, one out of every four vehicles is a Gyeonggi Province automobile.

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