Gyeonggi Province has imposed 432.1 billion KRW in the first installment of automobile tax for this year.
On the 17th, Gyeonggi Province announced that the amount increased by about 22.6 billion KRW (5.54%) compared to the same period last year due to a 1.97% increase in the number of registered vehicles in the province and a decrease in annual payment declarations. As of the end of May, the total number of registered vehicles in the province is approximately 6.57 million, accounting for 25% of all registered vehicles in South Korea.
Automobile tax is levied twice a year on the owners listed in the vehicle registration records as of the tax base dates, June 1 and December 1 each year. The first installment of automobile tax imposed this time is the tax for vehicle ownership from January 1 to June 30, 2024.
The payment period is from the 16th of this month until the 1st of next month. Payments can be made directly at all financial institutions nationwide or through platforms such as Wetax, Internet Giro, virtual accounts, and automated machines (CD/ATM).
If you use the local tax revenue account (electronic payment number) on the tax bill, transfer fees are waived, and if you apply for electronic notification and automatic payment through simple payment apps, you can receive a tax credit benefit of up to 1,600 KRW.
Additionally, if you prepay the annual automobile tax through Wetax or the relevant city/county office, a tax credit is available. If you prepay the second installment of automobile tax (July 1 to December 31) by June 30, you can receive a 2.5% discount on the automobile tax.
Choi Won-sam, head of the Taxation Division of Gyeonggi Province, said, "Local taxes are valuable resources used for the development of Gyeonggi Province and the improvement of residents' lives," and urged, "Please pay within the deadline to avoid disadvantages such as late payment penalties or seizure due to delinquency."
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