Busan City Imposes 34.6 Billion Won in Resident Tax This Year

1.47 Million Regular Equal Installments Until August 31

This year's Busan City regular resident tax equalization amount by district.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Kim Yong-woo] The Busan Metropolitan City imposed 34.6 billion KRW in resident tax (equal share) on approximately 1.47 million cases for the year 2020.

The resident tax equal share is a local tax with a membership fee nature that is levied equally regardless of income. It is imposed annually on July 1, the tax base date, on individuals (household heads) residing in Busan, individual business owners with business establishments (with a previous year's VAT taxable standard amount of 48 million KRW or more), and corporations.

The payable tax amount (including local education tax) is 12,500 KRW for the individual equal share imposed on household heads, ▲ 93,750 KRW for individual business owners, and ▲ for corporations, it is differentially imposed from a minimum of 93,750 KRW to 937,500 KRW depending on capital and number of employees.

The resident tax equal share excludes minors, students, job seekers, and other minors without the ability to support themselves or pay taxes, as well as unmarried household heads under 30 years old who live alone.

The payment period is from August 16 to August 31, and payment methods include payment-only (virtual) accounts, internet (Busan City Cyber Local Tax Office, Wetax), smartphone apps (Smart Wetax), and bank ATMs, allowing payment by credit or debit card.

Kim Kyung-deok, Busan City Finance Officer, said, “If the resident tax is not paid by the deadline, a 3% surcharge will be applied, so we hope residents pay on time to avoid disadvantages.”

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