The Korea Automotive Mobility Industry Association announced a summary of changes in automotive-related systems regarding taxes, environment, safety, and customs that will take effect starting in 2024.
The individual consumption tax refund for small passenger vehicles under 1000cc has been extended for three more years, continuing until the end of 2026. Additionally, the fuel tax reduction, initially set to end in 2023, will be extended for another two months, aiming for a conclusion by the end of February 2024.
Environmental regulations for automobiles are tightening, and starting this year, the use of diesel vehicles will be prohibited for newly purchased school buses, delivery trucks, and passenger transport vehicles.
To restrict private use of corporate vehicles, a green license plate has been introduced for corporate passenger cars costing over 80 million won.
In terms of automotive safety standards, starting this December, the obligation to install or carry fire extinguishers, which previously applied only to vehicles with seven or more seats, will be extended to include five-seat passenger cars as well.
Lee Sang-jin daedusj@autodiary.kr