Daejeon City to Reduce and Postpone Corporate Tax Audits... Starting in the Second Half of This Year

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 8th that it will reduce and defer tax audits targeting corporations this year.

Considering the prolonged COVID-19 situation, the city will reduce the number of corporations subject to tax audits by 30% compared to the previous year (from 452 to 310 corporations) this year.

In addition, for corporations in sectors such as travel, accommodation, weddings, and food service, as well as companies whose sales have sharply declined compared to the previous year, tax audits will be deferred ex officio. If COVID-19 affected companies apply for deferral, the reasons for deferral will be reviewed and actively reflected.

Tax audits are scheduled to begin in the second half of this year and will be conducted primarily through document reviews rather than on-site visits. The city added that it will continue to promote business-friendly tax guidance activities by consulting in advance with corporations to reflect their opinions on audit schedules and methods.

Kim Ki-hong, head of the city's Taxation Division, said, “Considering the prolonged infectious disease outbreak, we have decided to flexibly adjust the targets for tax audits.” He added, “In particular, we will support small or diligent taxpayers in socially distanced and business-restricted sectors so that they can focus on their livelihoods.”

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