South Korea Takes Action On Autos

The South Korean government has unveiled measures aimed at kick-starting the autos sector, both in terms of financing and future development. From May, tax cuts are being implemented, which should reduce the cost of buying a new vehicle. A scrappage scheme will reduce the purchasing and registration tax by 70% when a car over nine years of age is replaced with a new one. This will be a temporary incentive in place until December 31 2009.

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