Incheon City Offers Up to 2 Million KRW Local Tax Reduction for 'Good Landlords'

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City is expanding local tax reduction benefits for 'Good Landlords (building owners)' who voluntarily reduce rent for small business owners (tenants).

The city announced on the 10th that it will reduce local taxes such as property tax, local education tax, and regional resource facility tax by up to 100% within a limit of 2 million KRW, covering 50% of this year's rent reduction amount.

Compared to last year, when local taxes were reduced by up to 50% of the rent reduction rate, the tax reduction benefits have been significantly expanded.

This local tax reduction aims to provide practical assistance to local small business owners and self-employed individuals who are struggling due to reduced consumption caused by the COVID-19 crisis.

The city and district offices plan to apply the tax reduction benefits during the property tax imposition in July and September this year, after obtaining council approval for the local tax reduction agreement by May.

The eligible recipients are building owners who reduced rent for small business owners in 2021 or signed an agreement to reduce rent before June 1, the property tax assessment date.

Meanwhile, separately, the city is providing multifaceted tax support such as local tax deadline extensions, collection deferrals, delinquency disposition deferrals, and tax audit deferrals to direct and indirect victims suffering economic damage from consumption decline and production reduction due to COVID-19.

An Incheon City official said, "We hope that the local tax reduction benefits will empower small business owners and self-employed individuals and lead to revitalization of the local economy," and urged, "We ask many building owners to actively participate in the Good Rent Movement."

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