Bucheon-si, Local Tax Reduction for 'COVID-19 Damage'... Up to 50% Property Tax Cut for 'Kind Landlords'

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province has decided to temporarily reduce local taxes for taxpayers who have suffered direct or indirect damage due to the novel coronavirus infection (COVID-19) crisis.

According to the city on the 30th, the reduction targets include landlords who have reduced rent for more than three months, taxpayers who stopped economic activities due to COVID-19 confirmation or self-quarantine measures, and small business owners facing difficulties due to temporary closures caused by confirmed patients' visits.

The city will reduce property tax in July by up to 50% based on the monthly rent reduction rate for benevolent landlords who have lowered rent for more than three months.

In addition, the head of the household to which a confirmed patient or self-quarantined person belongs will be exempted from a resident tax of 12,500 KRW.

Small business owners operating temporarily closed businesses due to visits by confirmed patients will be exempted from resident tax of 62,500 KRW and the property portion of the resident tax, as well as automobile tax for business vehicles used for livelihood purposes.

This local tax reduction will be temporarily applied starting from the June automobile tax after approval of the local tax reduction consent proposal at the temporary meeting scheduled in April.

A Bucheon City official stated, "This measure is to share the pain of residents and small business owners suffering from COVID-19 and to help overcome the crisis," adding, "Furthermore, local tax support policies such as deadline extensions, collection deferrals, delinquency disposition deferrals, and tax audit deferrals will continue to be promoted."

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