Eunpyeong-gu Sends 'Income Tax Credit Notice for Supporting Good Landlords'

[Asia Economy Reporter Jongil Park] Eunpyeong-gu (Mayor Kim Mi-kyung) will send out income tax support notices for ‘Good Landlords’ starting from March 23 to widely inform local landlords about the revised tax support measures following the amendment of the law that allows half of the reduced rent to be deducted from income tax as of March 23.

The revised law specifies that “if a landlord reduces the rent for commercial buildings from the tenant between January 1, 2020, and June 30, 2020, 50 percent of the reduced rent amount will be deducted from income tax.”

Kim Mi-kyung, Mayor of Eunpyeong-gu, said, “We decided to send landlords a summarized notice of the amended law to ease the burden on business owners who are suffering from worsening consumer sentiment and the double burden of rent.” She added, “Through this, we hope landlords actively participate in the ‘Good Landlord Movement’ and provide small support to self-employed people facing management difficulties, creating an opportunity to overcome the adversity of COVID-19 together.”

For more detailed information on this amendment, please refer to the Restriction of Special Taxation Act and Article 96-3 of the Enforcement Decree of the same Act.

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