Yongsan-gu to Provide Up to 1 Million Won in Yongsan Love Gift Certificates to Good Landlords

Applications accepted until March 31... Yongsan Love Gift Certificates issued based on rent reduction amount... Income and corporate tax credits, electrical safety inspections, and small business policy loan benefits also available

[Asia Economy Reporter Park Jong-il] Yongsan-gu (District Mayor Seong Jang-hyun) is promoting the ‘Seoul-style Good Landlord Support Project’ to assist small business owners and tenants facing economic difficulties due to the novel coronavirus infection (COVID-19).

The purpose is to support landlords who have participated in rent reductions for coexistence with tenants despite difficult conditions, while encouraging more landlords to participate.

Yongsan Love Gift Certificates (mobile) will be provided according to the amount of rent reduction. For amounts between 1 million and less than 5 million KRW, 300,000 KRW will be supported; between 5 million and less than 10 million KRW, 500,000 KRW; and for 10 million KRW or more, 1 million KRW will be supported. If a landlord owns multiple buildings, the reduction amounts will be summed and the applicable bracket will be applied.

The support target is stores with a converted deposit (monthly rent × 100 + deposit) of 900 million KRW or less as stipulated by the Commercial Building Lease Protection Act, and landlords who have reduced rent since January or plan to reduce rent within this year.

Applicants wishing to apply must sign a ‘Rent Reduction Coexistence Agreement’ with the tenant and submit the application form by visiting the Job and Economy Division on the 5th floor of the district office or by mail.

The district will accept applications until March 31 and plans to provide Yongsan Love Gift Certificates in April.

Additionally, good landlords who have reduced rent will receive ▲tax support ▲free electrical safety inspections for buildings ▲benefits as loan targets for small business policy funds extended and supported until the end of June.

First, a 50% tax credit rate will be applied to income and corporate tax on the rent reduction amount. Individuals with corporate or comprehensive income of 100 million KRW or less can receive up to a 70% tax credit benefit (for the 2021 tax year).

Also, free electrical safety inspections will be provided for buildings owned by landlords, and ‘landlords who have reduced rent to a certain level’ will be temporarily included as eligible industries for small business policy fund loans.

Seong Jang-hyun, Mayor of Yongsan-gu, said, “I sincerely thank the landlords who are participating in rent reductions for coexistence with tenants despite difficult conditions,” and added, “We will continue to prepare various support measures that can help both landlords and tenants.”

In addition, the district is actively supporting small and medium-sized business owners through a 5 billion KRW scale SME development fund loan, a 2 billion KRW scale youth enterprise job fund loan, operation of a customized bidding information system, Shinheung Market management voucher (joint marketing) project, operation of a business knowledge learning center, early fiscal execution, and extension and deferment of local tax filing and payment deadlines for small business owners affected by COVID-19.

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