South Korea Tax Agency Announces Excise Tax Reduction on New Cars Due to Coronavirus

The South Korean National Tax Service April 1 announced an excise tax reduction for the purchase of a new car due to the coronavirus pandemic. The announcement includes: 1) a 70 percent excise tax rate reduction for purchase of a new car, to 1.5 percent from 5 percent with a 1 million won (US$812) limit, from March 1 until June 30; and 2) additional tax benefits for replacing cars that are 10 years old or more. [South Korea, National Tax Service, 04/01/20]

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