Car Tax Prepayment Discount Rate Falls Below 5%...Once 10%, Now 4.57% This Year
If paid in full in January, a 4.57% tax discount applies from January 1 to December 31, 2024
The annual prepayment discount rate for automobile tax has been decreasing every year. At one time, the prepayment rate was as high as 10%, but this year it has dropped to 4.57%.
Eunpyeong-gu, Seoul (District Mayor Kim Mi-kyung) will accept applications for the "2024 Automobile Tax Annual Prepayment" from January 16 to 31, allowing taxpayers to receive a discount by paying the annual tax in a lump sum during January.
The automobile tax annual prepayment system allows taxpayers who pay the automobile tax, which is normally paid twice a year in June and December, in a lump sum in January to receive a 4.57% discount on the tax amount corresponding to the period from January 1 to December 31, 2024.
If the ownership of the vehicle is transferred or the vehicle is scrapped after the annual prepayment, a refund for the automobile tax corresponding to the remaining period can be received. Also, if payment is not made within the period after applying for the annual prepayment, the tax will be levied regularly in June and December.
Applications for the automobile tax annual prepayment can be made by phone, online, or through STAX (Seoul City Tax Payment App). If the previous year's annual tax amount was reported and paid, a separate report and payment are not required, and a tax bill will be sent automatically.
Payments can be made via Seoul ETAX, STAX, phone ARS, or dedicated account transfers. For more details, please contact the Local Income Tax Division of Eunpyeong-gu Office by phone.
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An official from Eunpyeong-gu stated, "The automobile tax annual prepayment system is a great opportunity to receive a tax reduction. If you report and pay the annual prepayment, a prepayment tax bill will be sent the following year without a separate report, and even if you move, the prepayment details will be notified to the relevant city or province, allowing you to save on taxes and enjoy convenience at the same time."
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