Yangsan-si Promotes Special Loans for Diligent Taxpaying Companies... Support Up to 3.5%

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Yangsan City, Gyeongnam, has passed an ordinance containing substantial support measures for diligent taxpayers who contributed to the expansion of local finances through the 180th extraordinary session, and will implement it starting in April.

Until now, diligent taxpayers have been granted tax audit period deferrals, local tax collection deferrals, and relaxed tax payment guarantees when applying for payment deadline extensions; however, there were no special support measures regarding essential business financing.

With this ordinance revision, among diligent small and medium enterprises operating within the jurisdiction, priority allocation and special support will be provided when applying for development fund loans, increasing the existing interest subsidy support on business stabilization funds and facility equipment funds from 2.5% by an additional 1%, totaling 3.5%.

Kim Il-gwon, Mayor of Yangsan City, said, “I hope a sound tax culture will be established where taxpayers who faithfully pay local taxes and contribute to the expansion of local finances are favored despite difficult economic conditions,” and added, “We will continue to expand practical preferential policies for diligent taxpayers.”

Meanwhile, according to the city ordinance, diligent taxpayers are those who have faithfully paid annual local taxes without arrears, with corporations paying 100 million KRW or more and individuals paying 30 million KRW or more. Currently, four diligent taxpayer companies are receiving 2 billion KRW in development fund loans.

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