Gyeonggi-do Province Secures Tax Revenue by Attracting Lease Vehicle Registration...Exemption from regional development bonds

Gyeonggi Province said it will secure tax revenues by attracting lease vehicle registration.Due to the nature of

lease vehicles, branches (regions) can be selected in addition to the leasing company's headquarters (Seoul) as a tax place (registration place), so local governments are seeking to attract registration as a major tax source.

Accordingly, the province revised the Enforcement Rules of the Ordinance on the Establishment of the Regional Development Fund on the 15th to exempt new and relocation registration of leased vehicles from the obligation to purchase local development bonds regardless of displacement for the first time in the country.

Regional development bonds have been issued by the provincial governor since 1989 to promote residents' welfare and finance regional development projects, and must be purchased in the case of new and relocation registration of automobiles, and construction contracts.

In addition, the government will establish an organization dedicated to attracting lease vehicle registration and strengthen the provincial-city-county cooperation system to provide one-on-one customized administrative convenience.