Dongdaemun-gu, Up to 1 Million Won Support for Good Landlords with Seoul Sarang Gift Certificates

Applications Accepted from Landlords Until March 31... Income and Corporate Tax Credits, Building Electrical Safety Inspection Benefits Included

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) has stepped up to share the difficulties faced by small business owners who are suffering from decreased sales and high rents due to the prolonged COVID-19 pandemic.

The district is conducting the "Seoul-type Good Landlord Support Project" in cooperation with Seoul City to encourage local landlords to participate in the Good Landlord Movement.

This project provides Seoul Love Gift Certificates (mobile gift certificates) worth between 300,000 and 1,000,000 KRW to landlords who reduce rent for small business tenants, based on the amount of the rent reduction.

Eligible applicants are landlords whose commercial building converted deposit is 900 million KRW or less as stipulated by the Commercial Building Lease Protection Act, and who have reduced or will reduce rent for small business tenants within this year.

Applications are accepted until March 31. Landlords wishing to apply can check the "Good Landlord Support Project" post on the Dongdaemun-gu Office website's public notices, download and complete the application form, and then visit the Small Business Support Team on the second basement floor of Dongdaemun-gu Office to submit it in person or send it by mail (address: 145 Cheonho-daero, Dongdaemun-gu, Seoul, Small Business Support Team, B2, Dongdaemun-gu Office).

Additionally, landlords who reduce rent can receive a tax credit of 70% of the rent reduction amount (applicable to 2021 income) on income or corporate tax until June 30, 2021, and can also receive support such as free electrical safety inspections for their buildings.

Meanwhile, last year, Dongdaemun-gu facilitated a win-win agreement between landlords and tenants in eight markets including Gyeongdong Market, resulting in rent reductions for a total of 887 stores. Through the Seoul City Good Landlord Support Project, 25 landlords participated in rent reductions, benefiting 155 tenants, significantly contributing to fostering a social atmosphere of coexistence between landlords and tenants.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, stated, "I sincerely thank all the good landlords who voluntarily participate in rent reductions during these difficult times of prolonged COVID-19. I hope this support project will help spread a culture of coexistence between landlords and tenants, contributing to overcoming the COVID-19 crisis, and further, I look forward to establishing a sustainable atmosphere of mutual growth."

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