A car with a light green license plate, which is required by law for all vehicles purchased by companies for official purposes to receive corporate tax cuts and valued at more than 80 million won ($58,000), is seen on the roads of Seoul, April 15. Newsis

The ratio of imported vehicles registered as company cars fell to the lowest level of 34 percent of all imported car registrations in the first half under a new vehicle registration law, an automobile industry association said Monday.

The number of company-owned imported vehicles came to 42,200 units, accounting for 34 percent of 125,652 imported car registrations in the January to June period, according to data from the Korea Automobile Importers & Distributors Association (KAIDA).

The first-half numbers fell from the corresponding figures of 50,229 units, or 38.4 percent, in the same period of last year, KAIDA said.

Starting this year, the government made newly registered expensive company cars carry notable light green license plates to prevent private use of them by company officials for tax benefits and cost reductions.

All vehicles bought by companies for official purposes with corporate tax cuts and worth more than 80 million won ($58,000) are obliged to carry light green license plates.

Companies have preferred brands such as Mercedes-Benz, BMW, Porsche, Audi and Tesla, whose flagship models sell for more than 80 million won.

Given the current trends, the number of company-owned imported cars is expected to fall below 100,000 this year, down from 107,677 last year. (Yonhap)