Casper Acquisition Tax Increased by 250,000 KRW Until 2024... Maximum Reduction of 750,000 KRW

Passage of Law Amendment Bill in National Assembly to Expand and Extend Benefits for Compact Cars

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] The bill to expand and extend the acquisition tax and fuel tax benefits for compact cars applied to the Casper produced by Gwangju Global Motors Co., Ltd. (GGM) passed the National Assembly on the 9th.

According to Gwangju Metropolitan City, the compact car benefits were originally scheduled to end at the end of this month, but with the partial amendments to the 'Restriction of Special Taxation Act' and the 'Restriction of Local Tax Special Act' passed at the National Assembly plenary sessions held on the 2nd and 9th, the benefits have been expanded and extended.

According to the passed amendments, the compact car fuel tax refund (up to 200,000 KRW annually) benefit will be extended for two years until 2023, and the compact car acquisition tax reduction benefit will be increased by 250,000 KRW to 750,000 KRW until 2024.

From next year, when purchasing the compact car Casper, which is currently being mass-produced by Gwangju Global Motors Co., Ltd. (GGM), buyers will be able to receive a fuel tax refund of 200,000 KRW annually and an acquisition tax reduction benefit of up to 750,000 KRW.

Also, except for some top-tier trims, Casper can be purchased without the burden of paying acquisition tax.

In particular, for Gwangju citizens, according to the 'Ordinance on Support for Gwangju-type Jobs in Gwangju Metropolitan City,' from December this year, an additional win-win regional job purchase subsidy will be provided within the scope of the acquisition tax paid by Casper buyers.

Son Kyungjong, Director of the AI Industry Bureau of the city, said, “With the expansion and extension of the compact car benefits, the benefits that Casper buyers can receive from next year have greatly increased,” and added, “As the compact car benefits have been expanded and extended, we ask for citizens’ continued interest in GGM, the nation’s first win-win regional job, and Casper.”