Lamborghini’s super Urus SUV (L) and Aventador SVJ (Yonhap)
SEOUL, Sept. 24 (Korea Bizwire) — Voices are growing for the need to improve the tax benefit system to address the issue arising from the business practice in which hundreds of millions of won worth of luxury import cars are used for private purposes after being registered as business vehicles.
According to the latest report from the National Assembly Research Service, the number of purchases of luxury import cars worth more than 100 million won (US$85,280) stood at about 24,000 in 2020.
The report pointed out that the business trend of purchasing luxury import cars continues, adding that there is a potential that businesses use such cars as a way to evade corporate taxes.
Statistics from the period from 2018 to 2020 compiled by the Ministry of Land, Infrastructure and Transport show that business accounted for a larger share than individuals in a wide range of imported luxury brand vehicle purchases.
By brand, Land Rover ranked first with 14,094 units, followed by Porsche with 10,318 units, Jaguar with 3,795 units, Maserati with 3,073 units, Bentley with 493 units, Lamborghini with 439 units and Rolls Royce with 412 units.
There were many cases where subsidiaries of large companies and corporate bodies related to religious organizations, scholarship foundations and agriculture ventures owned Rolls Royce Phantom and Mercedes-Maybach S-Class sedans worth more than 600 million won.
J. S. Shin (js_shin@koreabizwire.com)
