The South Korean government has unveiled a set of tax proposals aimed at bolstering the country's automobile industry.
The new tax program aims to boost the flagging auto industry by enticing consumers to purchase cars with the promise of lower tax rates.
Under the regime, the government will implement a 70% tax cut on the purchase and registration taxes of of new low-emission vehicles when bought to replace cars registered before the year 2000.
According to the government, the tax incentives will only be a temporary measure.
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