Gangneung-si Implements 'Local Tax Reduction' to Overcome COVID-19

Up to 75% Reduction for Landlords Who Lower Rent for Over 3 Months

[Asia Economy Reporter Ra Young-cheol] Gangneung City announced on the 25th that it will continue to promote local tax reductions this year, following 2020 and last year, to reduce the tax burden on citizens struggling due to the prolonged COVID-19 pandemic.

The main reduction details include a property tax reduction of up to 75% on this year's regular property tax for landlords who have reduced rent for more than three months, according to the rent reduction rate.

For owners of buildings and land used as entertainment bars, property tax will be reduced and levied by applying the general tax rate (0.2%~0.25%) instead of the heavy tax rate (4%).

Screening clinics and treatment institutions for confirmed patients, which support overcoming COVID-19, will receive a 100% reduction on property tax and resident tax business office portion for the relevant area, and individual business owners supporting small business owners will receive a 100% reduction on the resident tax business office portion (55,000 KRW).

Additionally, citizens with an address or business place in Gangneung will receive a 100% reduction on automobile tax for personally owned commercial vehicles, and a 100% reduction on the resident tax individual portion for households with confirmed patients or self-quarantined individuals.

The city expects tax support for about 11,000 cases amounting to approximately 900 million KRW, and plans to submit a proposal for tax reduction approval to the Gangneung City Council's extraordinary session in March.

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