Tag - FIFA election hopeful Nakhid at CAS to challenge exclusion The Korea Herald > Business > Economy Luxury compact cars subject to tax next year

Luxury compact cars subject to tax next year

The government said Thursday that it would levy an acquisition tax on pricey compact cars starting next year, to strengthen tax balance. Buyers of compact cars have been exempted from paying the tax so far, while purchases of regular cars are subject to a 4 percent acquisition tax. The tax deduction rate of a compact car priced at over 50 million won will be reduced to 85 percent from the current 100 percent. Smart Fortwo, manufactured by German carmaker Daimler AG, [...]

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