Why Songpa-gu Launches 'Tax Mentoring' for Newly Established Corporations?

Post-Corona Era, Songpa-gu Noted as a Business-Friendly District

[Asia Economy Reporter Jong-il Park] Songpa-gu (Mayor Park Seong-su) will provide a 'Local Tax 1:1 Mentoring Service' for newly established corporations in the area.

The district is proactively addressing tax-related questions often faced by new corporations, listening to their difficulties and challenges, and aiming to overcome the COVID-19 era together.

When establishing a corporation, according to the local tax assessment criteria, corporations must self-report and pay ▲local income tax (corporate income portion and special withholding portion) ▲registration license tax ▲resident tax ▲acquisition tax, among others.

However, many newly established corporations, lacking practical experience with local taxes, have missed deadlines and incurred additional penalties.

Starting in February, the district will send mentoring service notices to newly established corporations. Upon receiving the notice, if the corporation submits a mentoring application form, a tax official designated as the ‘mentoring manager’ will provide detailed and continuous consultation services.

Most corporate officials who have previously borne penalties due to failure to report and pay taxes stated, “If there had been a prior guidance service, we would not have had to bear the penalties,” expressing very positive evaluations of the newly implemented 'Local Tax 1:1 Mentoring Service.'

Park Seong-su, Mayor of Songpa-gu, said, “We expect to increase satisfaction with district administration through the Local Tax 1:1 Mentoring Service focused on newly established corporations,” and added, “We will do our best to continuously improve trust in local tax administration and create a business-friendly Songpa-gu.”

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