Gyeonggi-do Imposes 102.3 Billion KRW in Resident Tax

[Asia Economy (Suwon = Reporter Lee Young-gyu)] Gyeonggi Province imposed 102.3 billion KRW in regular resident tax for August 2020 on the 16th. This is an increase of 1.3 billion KRW (1.31%) compared to last year's imposed amount of 101 billion KRW.

The regular resident tax is imposed annually on July 1st based on the heads of households registered in the province and business operators and corporations with a value-added tax taxable base of 48 million KRW or more.

The province analyzed that the main reasons for the increase in resident tax are the continuous population inflow due to large-scale new town developments in Suwon, Goyang, Hwaseong, etc., and the increase in self-employed individuals and newly established corporations.

By city and county, Suwon City has the highest resident tax at 9.4 billion KRW, followed by Goyang City with 9 billion KRW, and Yongin City with 8.3 billion KRW.

The payment period for the resident tax is until the end of this month.

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