Electric Car Buyers to Receive Tax Incentives

  • Arirang News

    February 19, 2010 10:36

    The government plans to offer tax incentives to people who buy electric cars by the end of this year as part of the nation's green growth and energy saving efforts.

    According to the Ministry of Strategy and Finance on Thursday, electric car buyers are expected to be exempt from consumption, acquisition and registration taxes, amounting to over W3 million per buyer (US$1=W1,149).

    A similar level of tax breaks is currently given to buyers of hybrid cars, which were introduced to the market in earnest in the second half of last year.

    The government says the move is intended to promote sales of electric vehicles in order to nurture the industry as one of the nation's future growth engines.

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