"Name Was Confusing" Simplified 'August Letter'... Ulsan City Launches 'August is Resident Tax Payment Month' Campaign

Resident Tax Property and Business Sections Integrated into 'Equal Portion', Payment Due in August

Use Mobile Communication Bills, Virtual Accounts, and Witax by the End of This Month

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The name of the local tax "letter" delivered in August, the month for resident tax payment masters, has changed starting this year.

The complicated tax item names of five types?individual equal share, individual business equal share, corporate equal share, property share, and employee share?have been simplified into three: individual share, business place share, and employee share.

The property share and equal share previously paid by business owners have been integrated into the business place share starting this year, and the resident tax payment deadline has been unified to August for simplification.

Ulsan City imposed 489,000 resident tax cases worth 15.62 billion KRW in August 2021. The payment deadline is until the 31st of this month.

Among these, the individual share accounts for 433,000 cases worth 4.328 billion KRW, and the business place share (based on payment notice issuance) accounts for 56,000 cases worth 11.292 billion KRW.

By district and county, Nam-gu leads with 5.024 billion KRW, followed by Ulju-gun with 4.454 billion KRW, Buk-gu with 2.577 billion KRW, Dong-gu with 1.808 billion KRW, and Jung-gu with 1.757 billion KRW.

Taxpayers for the individual and business place shares are household heads residing in Ulsan City as of July 1, 2021, and individuals and corporations with business places in Ulsan City, respectively.

The payment deadline is August 31, and payments can be made at financial institutions or ATMs, or via virtual accounts, Wetax, Internet Giro websites, etc. Credit card payments using the toll-free automatic response system (ARS) are also available.

A mobile notification service for tax bills is provided using smartphones, allowing easy payment by downloading an app on a smartphone.

Starting this year, there are some changes related to resident tax imposition. First, the resident tax individual equal share previously paid by individuals has been renamed to resident tax individual share.

Also, the resident tax property share and business equal share have been integrated into the resident tax business place share.

Accordingly, the previous payment periods?property share in July and individual and corporate business equal shares in August?have been unified to August for reporting and payment starting this year.

In particular, with the integration into the resident tax business place share, the calculation method for imposition has also changed slightly.

The resident tax business place share is the sum of the basic tax amount of the previous equal share and the amount calculated based on the floor area rate of the previous property share. The basic tax amount remains 50,000 KRW for individual businesses as before, but for corporations, it has been reduced from a range of 50,000 KRW to 500,000 KRW to a range of 50,000 KRW to 200,000 KRW depending on capital or investment amount.

The resident tax business place share can be electronically reported and paid via the internet (Wetax) by August 31, or paid at financial institutions after reporting by mail, fax, or visit.

To minimize taxpayer inconvenience, each district and county sends payment notices to taxpayers, and if payment is made within the deadline, it is considered as reported and paid.

An official from Ulsan City said, "Until last year, resident tax was complicated with five detailed items (individual equal share, individual business equal share, corporate equal share, property share, employee share), but starting this year, the resident tax has been simplified into three detailed items (individual share, business place share, employee share), and the payment deadline unified to August, reorganizing the taxation system centered on taxpayers."

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