Gyeongnam Province Extends 'Good Landlord' Property Tax Reduction for One Year

2020 Local Tax Reduction Results: 2,762 Stores, 7.8 Billion KRW Decrease

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongnam Province will extend the property tax reduction for participants in the 'Good Rent Campaign' for one more year.

The local tax reduction conditions remain the same as this year. For small business owners who reduce their rent for more than three months in 2021, the property tax on buildings imposed in July 2021 will be reduced by 10% to 75% according to the rent reduction rate, and the reduction limit will be expanded by 25 percentage points compared to this year.

With the central government announcing the extension of income and corporate tax credits for good landlords until June next year, the Good Rent Campaign is expected to become more active.

A provincial official said, "We hope that the local tax reduction policy for good rent will once again help small business owners," and added, "We ask many building owners to actively participate."

Meanwhile, in the 2020 building property tax reduction, 2,729 landlords participated, and 2,762 stores received rent reduction benefits totaling 2.8 billion won.

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