'Decent Earnings from Washing'... Gyeonggi-do Actively Promotes Lease Vehicle Registration Attraction

Promotional Poster for Attracting Lease Vehicle Registrations in Gyeonggi-do

Gyeonggi Province is actively promoting the registration of non-commercial lease vehicles to secure tax revenue.

Gyeonggi Province announced on the 22nd that with the recent change in perception regarding car ownership and the increasing demand for lease vehicles, acquisition tax and automobile tax from lease vehicle purchases have become major sources of revenue. Therefore, the province is actively pursuing the registration of non-commercial lease vehicles to secure tax revenue.

In the case of non-commercial lease vehicles, the lease company can choose the tax payment location as the area where its headquarters or branch is located. For this reason, more than 90% of lease vehicle registrations are concentrated in local governments that promote the policy of 'attracting lease vehicle registrations.'

Accordingly, Gyeonggi Province plans to revitalize the attraction of lease vehicle registrations by establishing an institutional foundation and conducting step-by-step customized attraction activities.

Earlier, on the 15th, Gyeonggi Province amended the 'Ordinance on the Installation of Regional Development Funds' Enforcement Rules' and became the first in the nation to implement an exemption from the obligation to purchase regional development bonds for new and transfer registrations of all lease vehicles.

Additionally, the province established a dedicated organization for attracting lease vehicle registrations and strengthened cooperation with city and county governments to provide one-on-one customized administrative convenience, promoting the establishment of a 'one-stop administrative system.'

Furthermore, the province plans to enact support ordinances to revitalize lease vehicle registrations within the province and amend ordinances to relax the requirements for designating agencies that issue automobile registration number plates.

No Seung-ho, Director of the Tax Justice Division of Gyeonggi Province, stated, "Although 25% of all vehicles in South Korea operate in Gyeonggi Province, the actual number of lease vehicles registered in the province is less than 1%." He added, "By attracting lease vehicle registrations within the province, we aim to secure 100 billion to 200 billion KRW in tax revenue annually in the future and support the province's expanded fiscal policies."

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