Gyeonggi-do Grants Tax Audit Deferral for COVID-19 Affected 'Travel, Performance, Distribution, Accommodation, and Food Service' Industries

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will postpone tax audits for local businesses struggling due to COVID-19.

The postponement targets travel, performance, distribution, lodging, and food service industries that have suffered direct or indirect damage from multiple COVID-19 cases within the company or prolonged closures due to visits by confirmed cases.

If affected companies apply for postponement and the mayor or county governor approves, tax audits can be deferred for a certain period. If a tax audit is already underway, approval will result in a temporary suspension of the audit.

However, unavoidable cases such as when the period for tax imposition is imminent are excluded.

Along with this, the province will refrain from on-site visits to companies until the COVID-19 situation stabilizes and will actively participate in the "social distancing campaign" by maximizing the use of document-based audits.

Lee Eui-hwan, Director of the Tax Justice Division of the province, emphasized, "We empathize with the difficulties faced by companies due to COVID-19 and will do our best to provide support that affected small and medium-sized enterprises can feel. We will thoroughly investigate fraudulent tax evasion companies."

Meanwhile, since the 13th, Gyeonggi Province has started the "2020 Regular Local Tax Audit" targeting 90 real estate acquisition corporations within the province.

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