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S. Korea OKs consumption tax break for passenger cars

All Headlines 11:22 January 08, 2019

SEJONG, Jan. 8 (Yonhap) -- The Cabinet on Tuesday approved a tax cut on purchases of passenger cars in the latest move to boost domestic consumption, officials said.

The individual consumption tax on purchases of passenger cars will be reduced to 3.5 percent from 5 percent until the end of June. The previous tax benefit expired at the end of December.

The latest cut will take effect in about two weeks, the officials said.

The move came as Asia's fourth-largest economy is struggling to stimulate sluggish private consumption and corporate investments.

The five carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 8.23 million vehicles for the whole of 2018, compared with 8.2 million a year earlier, according to their sales data.

S. Korea OKs consumption tax break for passenger cars - 1

entropy@yna.co.kr
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