Tag: Tax
The Tax Cut for cars Receive tax benefits.
by Ajay on Dec.15, 2009, under Uncategorized
The tax cut for cars purchased as replacements for vehicles registered before Dec. 31, 1999 will have been provided to one in four cars sold on the local market this year, industry data showed yesterday.
According to the Korea Automobile Manufacturers Association’s estimates, 340,000 vehicles will be purchased this year to replace automobiles registered 10 or more years ago.
With the total automobile sales expected to come in at 1.37 million, cars that receive the tax cut will account for 24.8 percent of the total.
So far about 284,000 vehicles have already received the tax cut, accounting for 34.2 percent of automobile sold locally since the measure was introduced in May.
Although the measure has succeeded in stimulating the auto market and caused monthly sales to rise above last year’s figures since May, some in the industry are voicing concerns that sales will again drop next year as a large number of motorists were prompted into buying new vehicles while the tax cut is in place.
