Gyeongnam Province Continues Local Tax Reduction Benefits for 'Win-Win Landlords' This Year

Gyeongsangnam-do Provincial Government.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gyeongsangnam-do announced on the 7th that it will extend the local tax reduction benefits for ‘Sangsaeng Imdae-in’ (cooperative landlords) who help small business owners.

Gyeongnam Province has been publicly notifying the partial amendment of the ‘Provincial Tax Reduction Ordinance’ since the 3rd, and plans to implement it after review by the Gyeongsangnam-do Local Tax Deliberation Committee and the Ordinance and Regulation Deliberation Committee, followed by approval from the Provincial Council in March.

The main content is that if the building owner as of the tax base date (June 1) reduced the monthly rent for tenants during January to December 2022, the building owner will receive a reduction of up to 75% on the building property tax, fire service local resource facility tax, and local education tax imposed in July, according to the rent reduction rate.

Gyeongnam Province has been implementing the local tax reduction policy for cooperative landlords since 2020, and in 2021, it extended and expanded the related policy, reducing a total of 700 million KRW in local taxes for 1,768 landlords.

This benefited 2,510 stores with a rent reduction amounting to 7.7 billion KRW, and this year, together with the government’s ‘Good Landlord’ tax credit system for income tax and corporate tax, it is expected to encourage landlords’ voluntary participation in rent reduction.

Kang Seong-geun, head of the Taxation Division, said, “We will continue to seek tax support measures that can provide practical help.”

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