Andong-si Resumes Regular Tax Audits ... Targeting Corporations Exempted in the First Half

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Andong City announced on the 6th that it will conduct regular general tax audits on corporations, which were deferred in the first half of this year due to COVID-19, from July until the end of the year.

The audit targets are 60 companies, reduced to 60% of the usual audit targets in consideration of the COVID-19 situation, as reviewed by the Andong City Local Tax Deliberation Committee in April.

The focus will be on verifying the appropriateness of local tax filings and, in the case of tax-exempt real estate, whether it is directly used for the intended purpose.

An official from Andong City stated, "Through fair and efficient corporate tax audits, we plan to manage tax sources and uncover evasion and concealment to secure tax equity and autonomous revenue." He added, "We will strive to foster a sincere taxpaying culture through fair taxation, evidence-based taxation, and tax guidance in areas of tax exemptions by category."

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