Bucheon City Projects Local Tax Collection of 946.5 Billion KRW Next Year... 17 Billion KRW Increase from This Year

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province announced on the 14th that it expects local tax revenue collection for 2022 to reach 946.5 billion KRW.

This figure represents a slight increase of about 17 billion KRW compared to this year, due to factors such as the gradual increase in local consumption tax rates, rising real estate prices, and an increase in the construction and sale of apartment complexes, despite a contraction in the real estate market and a decrease in corporate income.

Changes in local tax policies next year include printing and issuing 'audio guidance barcodes' on all local tax payment slips and notices, and adding residential officetels to the property tax reduction targets for the housing mortgage reverse mortgage to alleviate the economic burden on the elderly.

To support low-income households and promote the distribution of light vehicles, the acquisition tax exemption (100%) limit for light vehicles will be raised from 500,000 KRW to 650,000 KRW. The city plans to produce and distribute an 'Easy-to-Understand Local Tax Guidebook' containing more detailed information.

The city plans to focus its tax administration efforts on enhancing taxpayer satisfaction through strengthened non-face-to-face services, extended payment deadlines, exemptions, and early refunds.

Additionally, to minimize face-to-face contact amid the resurgence of COVID-19 while ensuring smooth local tax payments, the city is actively promoting electronic notices, virtual accounts, and simple payment apps such as KakaoPay, Naver, and Payco.

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