Seoul City Integrates July Resident Tax Property Portion into August Business Place Portion
Payment of Resident Tax Individual and Business Office Portions in August... Individual Notices to Be Sent
[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 30th that, starting this year, due to amendments in the Local Tax Act, the resident tax property portion, resident tax individual business equal portion, and resident tax corporate equal portion have been changed to the resident tax business place portion. Taxpayers who reported and paid the resident tax property portion in July last year must report and pay under the new tax item name, resident tax business place portion, in August this year.
When paying the resident tax business place portion in August, taxpayers must pay the resident tax equal portion in addition to the existing resident tax property portion. The resident tax equal portion requires individual business owners to report and pay 50,000 KRW, and corporate businesses to report and pay between a minimum of 50,000 KRW and a maximum of 200,000 KRW depending on the size of their capital or investment.
The Seoul Metropolitan Government plans to send individual notices to taxpayers who paid the resident tax property portion last year to prevent taxpayers from mistakenly reporting and paying the resident tax property portion in July.
Additionally, the consolidation of the resident tax property portion and resident tax equal portion into the resident tax business place portion will be promoted through the Seoul Metropolitan Government website, major electronic billboards in Seoul, and banners.
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Cheon Myeong-cheol, Head of the Taxation Division, stated, “Starting this year, the individual business equal portion, corporate equal portion, and property portion have been simplified into the business place portion, and the resident tax payment deadline has been unified to August, reforming the local tax system centered on taxpayers.” He added, “We will make every effort in promotion and individual guidance to ensure taxpayers can pay the resident tax business place portion in August without error.”
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