Suncheon City Settlement Inspection Committee Contributes to VAT Refund of 450 Million Won

Identify and Refund Overpaid VAT... Training Required for Suncheon-si Staff

Suncheon City Settlement Inspection Committee Representative Member Jae-won Park (center) and Settlement Committee Members

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City has claimed a correction for approximately 450 million KRW of value-added tax (VAT) paid over the past four years and will receive a refund.

This VAT refund is the result of actively implementing the "VAT refund to increase fiscal revenue" recommended during the budget execution review process by the "2018 Fiscal Year Suncheon City Settlement Inspection Committee" last year.

The main refund targets are the VAT paid related to new construction and facility repairs at Cheongsujeong Cafe, Local Food Direct Market Branches 1 and 2, Local Food Restaurant Yeomirak, and the Garden Support Center Design Shop and Garden Shop.

The Suncheon City Settlement Inspection Committee consists of five members, including Chairperson Park Jae-won (City Council Member, Tax Accountant), Park Byung-hee (Suncheon University Professor), Kim Tae-ho (Certified Public Accountant), Moon Jung-geun (Tax Accountant), and Moon Woon-gi (former public official).

Following the committee's recommendation, Suncheon City conducted a comprehensive survey of VAT taxable business sites over the past four years and reviewed existing filing data to actively uncover hidden tax sources such as basic capital invested in business sites and omitted refund amounts.

In particular, through prior verification by related experts before the claim, they meticulously reviewed to ensure no omitted tax amounts and successfully received a full refund of the claimed amount.

Chairperson Park Jae-won of the Suncheon City Settlement Inspection Committee stated, "While it is fortunate that discovering and refunding overpaid and underpaid VAT has contributed to strengthening local finances, Suncheon City needs to regularly educate responsible personnel to prevent omissions such as input tax credit omissions during future VAT filings."

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