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South Korea To Propose Tax Incentives For Electric Cars,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, February 23, 2010
As part of its proposed measures on vehicle taxation to contain carbon emissions
and encourage green industries, the South Korean government is looking at reducing
taxes on electric cars purchased in the country.
If finalized, the proposed tax breaks would be in addition to those provided
for the purchase and running of hybrid vehicles. They would also reflect the
government’s planned changes to the incidence of vehicle taxes, which
could also be altered to reflect their fuel efficiency or carbon emissions,
rather than being based, as at present, on engine size.
According to the Ministry of Strategy and Finance, purchases of electric cars
could be given an exemption from the special consumption, acquisition and registration
taxes which are payable by other types of vehicles. It has been calculated that
purchasers of electric cars could thereby save up to KRW3.5m (USD3,000) per
vehicle.
It is expected that, while domestic production of electric cars will start
this year, significant production numbers will only be achievable in the second
half of next year. The government has previously indicated that the target is
to achieve 10% of the global market for such vehicles by 2015.
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