Light green license plate for corporate vehicles, effective from January 1
Concerns about “creating a sense of discomfort” are raised everywhere.
A Genesis GV80 won with a light green license plate attached to corporate vehicles worth over 80 million. /Photo = Still from online community ‘Bobae Dream’
“The light green license plate is the license plate that certifies ‘rich man,’ not ‘Kapoor’.”
On the 12th, an article titled ‘Corporate car light green license plate status’ was posted on the online community ‘Bobae Dream’. The author of this article expressed concern, saying, “Should the company name be written in large letters on the outside of the vehicle?” and “Corporate car license plates seem to have naturally become a ‘symbol of wealth.'”
The response to the ‘light green license plate’, which was implemented to prevent private use of corporate vehicles and corporate purchases of expensive vehicles worth hundreds of millions of dollars, is unusual. Starting this year, when registering a new or altered corporate vehicle, it is mandatory to attach a ‘light green license plate’. The target of application is corporate business vehicles with an acquisition value of more than 80 million won. For new cars, the acquisition price is based on the factory price submitted by the manufacturer to the Ministry of Land, Infrastructure and Transport, and for used cars, it is based on the tax base amount used when calculating acquisition tax. It does not apply retrospectively to existing vehicles. On the morning of the 8th, a worker arranges light green license plates for high-value corporate vehicles at Suwon City Corporation’s license plate manufacturing center in Gwonseon-gu, Suwon-si, Gyeonggi-do. / Photo = Yonhap News The unique license plate for expensive corporate vehicles also applies to long-term rental cars with ‘Ha’, ‘Heo’, and ‘Ho’, as well as electric and hydrogen vehicles. Electric vehicles already have blue license plates, which are different from normal license plates, but from 1 January, newly purchased electric vehicles worth more than 80 million won must also have light green license plates instead of blue .
Yun also said, “I will have a supercar under the corporate name”… “The impact is still visible.”
Part of the video presenting the ‘corporate vehicle identification plate’ promise that President Yoon Seok-yeol made as a presidential candidate in January 2022. /Photo=Taken from President Yoon Seok-yeol’s official YouTube channel The license plate was light green is one of President Yoon Seok-yeol’s promises during his time as a candidate. Considering the fact that most multi-billion dollar supercars are bought in the name of a corporation, the intention is to allow people to recognize expensive cars by the color of the license plate when driving expensive cars with company money.
According to data received by the Ministry of Land, Infrastructure and Transport from Representative Yang Kyung-sook of the Democratic Party of Korea, 74.8% of passenger vehicles with a purchase price exceeding 300 million won at the end of April last year were owned. by corporations. The more expensive the vehicle, the higher the proportion of corporate ownership.
If you buy a car in the name of a corporation, you can receive tax benefits, such as treating fuel costs as business expenses. However, in some cases, the car was bought for business purposes and received tax benefits, but there were also cases where the car was used for family or personal purposes not related to work. As it was impossible to tell whether it was a corporate vehicle or not in terms of its appearance, there was no way to restrict the private use of a corporate vehicle.
President Yoon explained the purpose of introducing the system in a video introducing the ‘light green license plate’ promise during his time as a candidate, saying, “To differentiate between corporate cars for tax evasion purposes, you can make the plate license to stand out as. taxi.” It is expected that this will lead to an easy collision and an autonomous reduction in private use by users of corporate passenger vehicles.
Experts interpreted that it remains to be seen whether changing the color of the license plate alone will work as intended.
An official at the National Police Agency explained, “We expect to carry out a crackdown on light green license plates in the future in the form of a joint crackdown with local government officials involved in the Car Control Act. There are not many green license plates light on. the road again, so the effect of light green license plates is still visible.”
Meanwhile, according to the Ministry of Land, Infrastructure and Transport, regulations on the costs of handling those who break the obligation to wear light green license plates will be published successively in the future.
Kim Young-ri, Hankyung.com reporter smartkim@hankyung.com
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