Daejeon City Provides Local Tax Support to Businesses Affected by COVID-19

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 10th that it will prepare and implement local tax support measures to minimize the damage to local businesses caused by the spread of the novel coronavirus infection (Wuhan pneumonia).

As part of the support measures, the city plans to reduce the burden on businesses by extending the local tax filing and payment deadlines, deferring local tax notices, issuing installment notices, postponing collection, and deferring the collection of overdue taxes.

In addition, the city will promote management stability by postponing tax audits when requested by affected companies and deferring enforcement actions for companies with overdue local taxes for one year.

The support targets are local small and medium-sized enterprises operating factories in China or companies that are directly or indirectly expected to suffer damage due to the suspension of export-related transactions. Applications are accepted at the autonomous district office with jurisdiction over each business site, and support eligibility is determined through the district’s own review.

As the novel coronavirus spreads and the number of affected companies is expected to increase, the city plans to establish a close support system through coordination between relevant city hall departments and autonomous districts.

A city official said, “As the global economy slows due to the spread of the infectious disease, damage to local businesses is also expected to continue,” adding, “The city will spare no administrative support within the scope permitted by law to minimize business damage and support management stabilization.”

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