The South Korean government is to provide tax incentives of $3,500 for the purchase of fuel cell vehicles to promote the adoption of the technology. This extends the country's comprehensive tax incentive scheme, which was previously only offered for electric and hybrid vehicles, and fits with the increasing popularity of hydrogen fuel cell vehicles (FCVs) in the auto industry. In addition to the new tax benefit for hydrogen fuel cell vehicles, the government said that income and corporate taxes will be cut by 30 percent for SMEs that operate electric vehicles for business. According to a report by Korea Electric Power Corporation (KEPCO), the country will also offer financial support for research into FCVs as well as subsidies on their use at public transport stations.
The South Korean government is to provide tax incentives of $3,500 for the purchase of fuel cell vehicles to promote the adoption of the technology. This extends the country's comprehensive tax incentive scheme, which was previously only offered for electric and hybrid vehicles, and fits with the increasing popularity of hydrogen fuel cell vehicles (FCVs) in the auto industry. According to a report by Korea Electric Power Corporation (KEPCO), the country will also offer financial support for research into FCVs as well as subsidies on their use at public transport stations.