Yeosu Gwangyang Port Authority Revises Contract Terms to Reduce Electronic Stamp Tax by 50%

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu Gwangyang Port Authority (President Cha Min-sik, hereinafter referred to as the Authority) announced on the 30th that it will revise and implement contract regulations to reduce the electronic stamp tax burden on contracting parties by 50% at the time of contract signing.

Until now, the Authority has required contracting parties to bear the full electronic stamp tax when concluding construction contracts via electronic documents in accordance with the 'National Contract Act.'

Through this revision, the Authority has improved the unfairness of imposing a heavier tax burden on contracting parties who are in a relatively weaker position.

Meanwhile, since last year, the Authority has borne the full electronic stamp tax when contracting with social economy enterprises such as women-owned businesses, social enterprises, and enterprises for the disabled.

Park Jung-chul, Head of the Finance and Accounting Department, said, "We changed the transaction practice to improve the unilateral cost transfer to contracting parties," adding, "We will continue to monitor and improve unfair transaction practices in the future."

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