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Busan Metropolitan City Levies December Regular Motor Vehicle Tax, Payment Due by December 31

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Busan Metropolitan City announced that it has levied KRW 117 billion in motor vehicle tax across 760,000 cases for the December regular assessment this year, and that it will actively promote payment from today (the 16th) through December 31.

The amount levied this time represents an increase of approximately KRW 2.3 billion (2.3%) compared to the KRW 99.4 billion levied for the December regular assessment last year. This increase is attributed to a year-on-year rise of about 20,000 registered vehicles, resulting in higher overall motor vehicle tax revenue.

By vehicle type, passenger cars account for KRW 114 billion, representing 99.7% of the total, followed by cargo vehicles at KRW 200 million (0.2%), and special-purpose and other vehicles at KRW 100 million (0.1%).

For non-commercial passenger vehicles, 30% of the motor vehicle tax payable is levied as local education tax.

Taxpayers are owners of vehicles registered in the vehicle registration register as of December 1 this year within the city, as well as owners of dump trucks and concrete mixer trucks registered in the construction machinery register.

Vehicles subject to an annual motor vehicle tax of KRW 100,000 or less are fully taxed in June for the entire year and are therefore excluded from the December regular assessment. Vehicles for which payment has already been completed through annual payment this year are also excluded from this assessment.

The payment period runs from today through December 31, and payment can be made even without a bill through various methods, including the internet (WETAX), payment-only virtual accounts, the Smart WETAX smartphone app, bank automated teller machines (ATMs), ARS phone payment (142211), and other options. Payment may be made by credit card or bank transfer.

If payment is not made by the deadline, a late payment surcharge of 3% will be imposed.

Kim Gyeong-tae, Director of the City’s Planning and Coordination Office, stated, “Motor vehicle tax is a valuable source of revenue necessary for providing public services in Busan. The City will continue to use the valuable funds contributed by Busan citizens to improve quality of life and promote the city’s development.”