Busan City Postpones Local Tax Audits Until Year-End Due to Impact of 'COVID-19'

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] Busan City announced on the 11th that it will postpone local tax audits until the end of the year to help local businesses struggling due to the prolonged COVID-19 pandemic.

Local tax audits are conducted annually by Busan City and district/county offices targeting corporations acquiring real estate above a certain scale.

However, this year, as COVID-19 has caused significant disruptions to local economic activities, among the 1,037 companies subject to audit, the city decided to postpone tax audits until the end of the year for all corporations except those undergoing dissolution procedures or other unavoidable cases.

The city is also implementing taxpayer support policies such as extensions of local tax payment deadlines and deferrals of collection for taxpayers affected by COVID-19. For tax support applications, please contact the tax department of the relevant district or county office.

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