An Easy Guide to Local Taxes for Multicultural Families in Korea(2)-Acquisition tax

2021.11.08 - [지방세(local tax)/기타] - An Easy Guide to Local Taxes for Multicultural Families in Korea(1)

An Easy Guide to Local Taxes for Multicultural Families in Korea(1)

▣ Acquisition tax
Acquisition tax is tax reported and paid by applying the relevant tax rate to the acquisition price(tax base) when real estate, vehicles, etc., are purchased.

building, land

house

vehicles

⊙ What is the tax base?
The tax base is the price as of the time when the acquisition of real estate or an automobile is registered. If there is no reported price, or if the reported price is lower than the amount set by the tax authorities (the base amount of the market price), the base amount of the market price shall be used as the tax base.
※ The base amount of the market price: The base amount set by the government to apply for local taxes such as the acquisition tax, property tax, etc., of real estate and automobiles.

⊙How to report the tax amount
If a taxpayer acquires real estate, a vehicle, etc., the taxpayer should report and pay the acquisition tax within 60 days of the acquisition date at the tax department of the city, gun, or gu office where the relevant property is located (six months in the case of a bequest; nine months if the address is in another country).

⊙What are the disadvan tages if the tax amount is not reported and paid?
If a taxpayer acquires real estate, a vehicle, and so on, and does not report or pay tax by the due date of the tax report and payment, an additional tax for failure to report (20% to 40%) and for delayed payment (3% per day) are added to the tax amount.

※  enquiry  : ☎ 110      www.wetax.go.kr

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