ID :
212302
Wed, 10/12/2011 - 07:05
Auther :
Shortlink :
https://oananews.org//node/212302
The shortlink copeid
Seoul offers tax breaks to electric car buyers
SEOUL (Yonhap) - South Korea will offer up to 4.2 million won (US$3,590) in tax incentives to any buyer of a new electric vehicle, the government said Wednesday, as part of efforts to promote the sales and use of energy-saving cars in the country.
Under the tax-incentive scheme, set to go into effect on Dec. 1, a purchaser of a new electric vehicle will receive a 5-percent break from the special consumption tax, which also includes education tax, and also a 7-percent cut in acquisition and registration taxes.
The amount, however, marks a reduction from a 6-million won break the government earlier planned.
"The government will continue to revise and expand its tax incentives and the scope of electric vehicles subject to the tax breaks to help promote electric cars," the Ministry of Knowledge Economy said in a news release.
South Korea currently awaits the debut of its first small-size electric vehicle, the BlueOn by Hyundai Motor Co., early next year. An industry-led consortium is also developing a mid-size electric vehicle for commercial use from 2014, three years ahead of its original schedule.
Along with its tax incentives, the government also announced standard forms to describe fuel efficiency of electric vehicles, under which manufacturers will be required to state the car's maximum speed and maximum distance of travel after each charge.
Under the tax-incentive scheme, set to go into effect on Dec. 1, a purchaser of a new electric vehicle will receive a 5-percent break from the special consumption tax, which also includes education tax, and also a 7-percent cut in acquisition and registration taxes.
The amount, however, marks a reduction from a 6-million won break the government earlier planned.
"The government will continue to revise and expand its tax incentives and the scope of electric vehicles subject to the tax breaks to help promote electric cars," the Ministry of Knowledge Economy said in a news release.
South Korea currently awaits the debut of its first small-size electric vehicle, the BlueOn by Hyundai Motor Co., early next year. An industry-led consortium is also developing a mid-size electric vehicle for commercial use from 2014, three years ahead of its original schedule.
Along with its tax incentives, the government also announced standard forms to describe fuel efficiency of electric vehicles, under which manufacturers will be required to state the car's maximum speed and maximum distance of travel after each charge.
