Ministry of the Interior and Safety to Sequentially Distribute KRW 123.3 Billion in Personal Local Income Tax Refunds Starting from the 29th

[Asia Economy Reporter Jo In-kyung] The Ministry of the Interior and Safety announced on the 25th that it will begin early refunds from the 29th for individual local income tax refunds on comprehensive income tax to support taxpayers struggling due to the novel coronavirus infection (COVID-19) crisis.

Until last year, refund data was notified by the National Tax Service in July, and refunds were paid by August. However, starting this year, local governments will directly receive individual local income tax reports from taxpayers, enabling them to secure refund data earlier and process refunds sooner.

The refund targets are 2.61 million people who overpaid taxes, with the refund amount totaling approximately 123.3 billion KRW. The refund will be paid by local governments to the refund accounts requested by taxpayers.

Ko Gyu-chang, Director of the Local Finance and Economy Office at the Ministry of the Interior and Safety, said, "We hope that the early refund measure for individual local income tax will provide some help to citizens facing economic difficulties."

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