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Busan Metropolitan City Assesses June Regular Automobile Tax; Payment Due by July 3

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Busan Metropolitan City, led by Mayor Park Heong-joon, announced that it has assessed 1.04 million automobile tax bills for the June regular taxation period, including local education tax, totaling KRW 144.8 billion. The city is urging taxpayers to complete payment by the deadline between today (June 16) and July 3.

The amount assessed for this June regular taxation period is approximately KRW 300 million (0.2 percent) lower than the KRW 145.1 billion assessed during the same period last year.

The city analyzed that, although the number of registered vehicles increased by more than 10,000 compared with the previous year, the number of internal combustion engine vehicles declined by more than 20,000, while registrations of hydrogen and electric vehicles increased by more than 30,000. This shift was identified as the primary factor behind the decrease in tax revenue.

*Automobile tax for hydrogen and electric vehicles is a fixed annual amount of KRW 130,000, including local education tax.

By vehicle type, passenger cars accounted for KRW 106.9 billion, representing 94.5 percent of the total. Trucks accounted for KRW 3.8 billion (3.4 percent), followed by special-purpose and other vehicles at KRW 1.0 billion (0.9 percent).

In addition, for non-commercial passenger vehicles, a local education tax equivalent to 30 percent of the automobile tax amount is imposed together with the automobile tax.

Taxpayers subject to the June assessment are owners of vehicles registered in Busan Metropolitan City as of the taxation base date of June 1, as recorded in the automobile registration ledger, as well as owners of dump trucks and concrete mixer trucks recorded in the construction machinery registration ledger.

For vehicles with an annual automobile tax amount of KRW 100,000 or less, the entire annual tax is assessed in June. Vehicles for which the annual tax has already been paid in advance this year are excluded from this assessment.

The payment period for this regular automobile tax assessment runs from today (June 16) through July 3.

The payment deadline has been extended by three days from the original schedule due to temporary nationwide system suspensions during the payment period resulting from the launch of the Integrated Special City of Gwangju-Jeonnam and the administrative district reorganization of Incheon Metropolitan City.

*System suspension periods (payments unavailable)

• ●First suspension: June 26, 6:00 p.m. to June 29, 8:00 a.m.

• ●Second suspension: June 30, 6:00 p.m. to July 1, 8:00 a.m.

Taxpayers should note that a 3 percent late payment surcharge will be imposed if payment is not made by the July 3 deadline.

Payments can be made conveniently by credit card or bank transfer through various channels even without a paper tax notice, including Wetax, dedicated virtual accounts, the Smart Wetax mobile application, bank ATMs, and the ARS telephone payment service (142211).

Kim Kyung-duk, Director General of Finance of Busan Metropolitan City, stated, “A temporary nationwide system suspension is scheduled during the automobile tax payment period due to administrative district reorganizations in other regions. We ask taxpayers to take note of the suspension periods when payments will be unavailable and to complete their payments smoothly by the extended deadline of July 3.”