As early as July of this year, yellow-green license plates will be introduced to prevent corporate cars from using expensive corporate cars for personal use and seeking tax benefits.
The Ministry of Land, Infrastructure and Transport held a public hearing yesterday (31st) and announced plans to introduce license plates for corporations.
It is said that license plates with black letters on a light green background are attached to corporate vehicles.
In fact, 71.3% of newly registered vehicles worth more than 100 million won and less than 400 million won over the past five years were owned by corporations, and among the more expensive vehicles exceeding 400 million won, a whopping 88.4% were owned by corporations.
However, if such a yellow-green license plate for corporate vehicles is introduced, anyone will be able to easily identify this as a corporate vehicle.
So, the Ministry of Land, Infrastructure and Transport expects that private use will be difficult because of a kind of nameplate effect.
(Screen source: Ministry of Land, Infrastructure and Transport)