Chungnam, Local Tax Collection Deferral for Businesses Affected by 'Novel Coronavirus'

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province will take measures such as extending tax payment deadlines, deferring collection, and postponing tax audits for businesses struggling due to the spread of the novel coronavirus infection (Wuhan pneumonia).

According to the province on the 12th, these measures will be applied to medical, travel, performance, distribution, lodging, and restaurant businesses that have closed due to confirmed cases, quarantined individuals, or visits by confirmed patients.

Taxpayers included in the support target will receive benefits such as deadline extensions for reporting and paying taxes like acquisition tax, deferral of notices for local taxes whose reporting and payment periods have passed, deferral of collection for already notified local taxes, postponement of seizure and sale for delinquent payments, and postponement of investigations for companies subject to tax audits.

Additionally, if the head of the local government recognizes the need for local tax reductions, local tax reductions can also be granted after approval by the local council.

Taxpayers wishing to receive local tax support should prepare documents proving the damage and visit or submit them to the tax (finance) department of each city or county.

In cases where confirmed patients, quarantined individuals, etc., find it difficult to apply for support themselves, support will be provided ex officio by the mayor or county governor.

A provincial official stated, “We will focus on preparing and implementing measures that can provide practical help to residents affected by the novel coronavirus, including local tax support.”

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