Gokseong-gun, Property Tax Reduction for Small Business Owners and SMEs

Property Tax Reduction for Good Landlords and China Import-Export Companies to Overcome the COVID-19 Crisis

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Gokseong-gun, Jeonnam announced on the 16th that it will reduce property tax (building tax) for benevolent landlords and companies engaged in import and export with China to overcome the crisis caused by COVID-19.

Benevolent landlords are building owners who have reduced rent for more than three months or agreed to reduce rent before June 1, the tax base date this year. They can receive a property tax reduction equivalent to the rent reduction rate (at least 10%).

Also, business owners who reduced rent for less than three months will receive a property tax reduction if the reduction rate is 10% or more when converted to a three-month basis. However, high-end entertainment establishments such as nightclubs are excluded from the reduction target.

For companies suffering from export damage to China and manufacturers importing Chinese parts, small and medium-sized enterprises with an export and import ratio of 50% or more to China will receive property tax reduction benefits.

If their sales in the first quarter of this year decreased by 20% or more compared to the same period last year, property tax will be reduced from a minimum of 25% to a maximum of 75% according to the reduction rate.

This reduction plan was approved through the county council on the 10th, and accordingly, Gokseong-gun plans to actively promote the property tax reduction.

A county official said, “We hope the property tax reduction will be of some help to small business owners and others.”

He added, “In addition to the property tax reduction, we will implement various measures such as extension of deadlines, collection deferral, and tax investigation deferral to support residents who are having difficulties paying local taxes.”

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