Gwangju City Provides Local Tax Support to Victims of Novel Coronavirus

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 5th that it will promote tax support measures such as local tax collection deferral and tax audit deferral for taxpayers facing difficulties due to the outbreak of the novel coronavirus infection.

The targets include confirmed cases and quarantined individuals of the novel coronavirus infection, medical institutions and businesses that have inevitably closed due to visits by confirmed cases, companies experiencing production delays and poor sales due to parts supply disruptions, etc. For taxes such as acquisition tax, local income tax, and resident tax on employees, the filing and payment deadlines will be extended, and collection deferral will be applied to existing local tax assessments and arrears, with the period allowed up to one year.

Except for unavoidable cases such as the expiration of the assessment statute of limitations, tax audits will be suspended in principle for affected companies, and if tax audits have been pre-notified or are in progress, they will be postponed.

In addition, local tax support such as collection deferral and tax audit postponement will be implemented upon application by affected taxpayers or ex officio by the tax authorities.

Gwangju City plans to minimize the impact on the local economy through this local tax support.

Lee Seung-cheol, the city’s tax administration officer, said, “We will actively carry out tax administration to ensure that practical local tax support is provided to victims, along with administrative and financial support, to alleviate the economic burden of affected businesses facing difficulties due to the novel coronavirus infectious disease.”

This content was produced with the assistance of AI translation services.