Sejong-si, Tax Audits Exempted for COVID-19 Affected Industries and Others

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City announced on the 15th that it will exclude directly affected industries and small business owners experiencing economic difficulties due to COVID-19 and other reasons, as well as taxpayers designated as sincere taxpayers in the past three years, from the regular local tax audits.

This year's tax audits will be conducted primarily through document reviews to minimize the burden on taxpayers, and in cases where economic damage has been caused by COVID-19, the city plans to actively utilize taxpayer relief measures such as postponement or suspension of audits and deferral of collection.

However, small business owners who have acquired real estate worth 1 billion KRW or more will be included in the audit targets.

A city official stated, "We will strive to support taxpayers affected by COVID-19 so that they do not face double hardships due to tax audits."

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