Suwon City Significantly Strengthens Corporate Selection for Tax Audits Starting This Year

Suwon City Hall

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province has selected corporations subject to regular tax audits for the first time this year through the 'Suwon City Local Tax Deliberation Committee' review. This measure aims to enhance transparency and objectivity as well as protect taxpayers' rights.

On the 5th, Suwon City held the '2020 1st Local Tax Deliberation Committee' and announced on the 6th that it selected 150 corporations to undergo regular tax audits this year through a document review.

The committee evaluated corporations based on ▲ sincerity analysis (corporations suspected of false reporting) ▲ no audits within the last four years ▲ sample audits (corporations in the top 50% of acquisition tax base by major industries, acquisition object usage, and acquisition type) ▲ carryover corporations (corporations not audited among the 2019 audit targets) to select this year's audit targets.

In particular, the review was conducted in a blind manner without indicating corporation names, representatives' names, or business locations so that committee members could not identify the tax audit subjects during the review process.

The city will establish the audit schedule and annual operation plan for the confirmed tax audit targets and begin regular tax audits starting next month.

A city official explained, "We selected the target corporations through the Local Tax Deliberation Committee review and objectified the selection criteria such as sample audits to enhance both fairness and transparency. We will conduct tax audits without disrupting corporate activities and do our best to protect the rights of corporate taxpayers."

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