Yongin City, Achievements in Development Charges Collection After TF Activation

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province has achieved the result of securing nearly 20 billion KRW in tax revenue by temporarily operating a 'Development Charge TF' for effective collection of development charges.

Yongin City announced on the 24th that since operating the Development Charge TF in January last year, it has collected 19.4 billion KRW in development charges over 22 months until October this year.

This represents about a 24% increase in collection performance compared to the 15.6 billion KRW collected over two years from January 2018 to December 2019 before the TF operation. Also, the number of collection cases increased by 243 (78%) from 309 to 552 during the same period.

The development charge system was introduced in 1990 to fairly distribute development gains and promote efficient land use by recovering a certain percentage (20-25%) of development profits arising from land shape changes, etc., to prevent speculation.

However, since charges cannot be imposed after five years from the completion of development projects and due to local government manpower shortages, it is difficult to impose development charges in a timely manner.

A city official emphasized, "Compared to other cities and counties, Yongin has abundant land available for development, and with the continuous increase in large-scale development projects such as apartment complex construction, industrial complexes, and urban development projects, the subjects for development charge imposition are steadily increasing. We will continue to make efforts to impose and collect development charges fairly and reasonably in a timely manner to contribute to securing city finances."

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