This Year's Seoul City Car Tax Prepayment Interest Rate 5%...3%↓ Next Year

Gwanak-gu and Eunpyeong-gu Car Tax Annual Prepayment Interest Rate 5%

Until 2022, a low-interest-rate era, the annual prepayment discount rate for automobile tax was 10%, but it dropped to 7% in 2023 and will fall to 5% this year.

Next year, it will decrease further to 3%.

Gwanak-gu announced that the automobile tax annual prepayment rate will be set at 5%.

Gwanak-gu Offers 5% Tax Discount on Annual Prepayment of Automobile Tax

Paying the full year's tax by January 31 grants a 5% tax credit on 11 months of automobile tax

Gwanak-gu (Mayor Park Jun-hee) will accept applications for annual prepayment of automobile tax from January 16 to 31.

The annual prepayment of automobile tax is a system where the automobile tax, usually levied semiannually in June and December, can be paid in full in January to receive a discount on the annual tax amount.

If the full amount is paid at once in January, a 5% deduction is applied to the tax for the 11 months from February to December, resulting in an effective deduction of 4.58% of the total payment.

Even if the annual prepayment is applied for but not paid, the tax will be levied as regular automobile tax without any disadvantage.

Applications for annual prepayment of automobile tax can be made through the Seoul Internet Tax Payment System (ETAX), the mobile app (STAX), or by phone or visit to the Local Income Tax Division's Automobile Tax Team.

If the automobile tax was prepaid last year, the bill will be automatically sent without a separate application. However, if ownership of the vehicle is transferred or the vehicle is scrapped after prepayment, the tax for the period after that date will be refunded.

Additionally, automobile tax payments can be conveniently made via the Seoul Internet Tax Payment System (ETAX), simple payment services (KakaoPay, Naver Pay, Payco, etc.), the mobile app (STAX), or CD/ATM machines.

A district official said, "The annual prepayment system for automobile tax is a great program that offers tax benefits, so we hope many residents apply to enjoy tax savings."

Eunpyeong-gu Offers 4.57% Discount Rate on 2024 Automobile Tax Annual Prepayment... Applied from February Payment, Deducting January Interest Rate of 0.43%

Seoul's Eunpyeong-gu (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 full amount in January.

The automobile tax annual prepayment system allows a 4.57% discount on the tax amount corresponding to the period from January 1 to December 31, 2024, if the tax, normally paid twice a year in June and December, is paid in full in January.

If ownership of the vehicle is transferred or the vehicle is scrapped after the annual prepayment, the automobile tax for the remaining period will be refunded. Also, if payment is not made within the period after applying for annual prepayment, the tax will be levied as regular tax in June and December.

Applications for annual prepayment can be made by phone, online, or through STAX (Seoul tax payment app). If the annual tax was reported and paid last year, no separate declaration is required, and the bill will be sent automatically.

Payments can be made via Seoul ETAX, STAX, telephone ARS, or dedicated account transfers. For more details, contact the Local Income Tax Division of Eunpyeong-gu Office by phone.

An Eunpyeong-gu official said, "The automobile tax annual prepayment system is a great opportunity to receive tax reductions," adding, "If you report and pay the annual prepayment, the annual prepayment bill will be sent the following year without separate reporting, and even if you move, the prepayment details are notified to the relevant city or province, allowing you to enjoy both tax savings and convenience."

Song Young-min, Director of the Seoul Taxation Division, stated on the 14th, "The automobile tax annual prepayment rate is determined according to the Ministry of the Interior and Safety's tax law amendment. It was set at 10% until 2022, 7% in 2023, 5% this year, and 3% next year."