Gangnam-gu Provides 131 Billion KRW Support to Individuals and Businesses Affected by COVID-19

Support Amount Significantly Increased Compared to Last Year, the Largest Scale Among Autonomous Districts, with Additional Non-Tax Revenue Areas Included

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jung Soon-gyun) is expanding the scope of tax support for individuals, businesses, and small business owners who have suffered direct or indirect damage from COVID-19 to include non-tax revenue areas such as fines, and will provide 131 billion KRW in support this year.

Last year, Gangnam-gu provided the largest support among autonomous districts with 39.759 billion KRW, and has increased the scale this year. It plans to provide a total benefit of 131 billion KRW by supporting 41.7 billion KRW for extensions of payment deadlines for local income tax and other reported and paid tax items, 79.7 billion KRW for deferral and installment payments of property tax and other imposed tax items, and an additional 9.6 billion KRW by expanding support to non-tax revenue areas.

Support for property seizure and public auction deferral for delinquent taxpayers will continue as before.

The newly added support area this year is the non-tax revenue sector such as imposed charges and fines, which includes ▲a six-month deferral of property seizure for delinquent local administrative sanctions and imposed charges such as construction compliance penalties by the tax authority’s discretion (for those with provisional seizures, release of seizure upon partial payment upon application) ▲a six-month extension of fine payment deadlines upon taxpayer application.

Jung Soon-gyun, Mayor of Gangnam-gu, stated, “We have increased the scale of support in the local tax sector, which was already the largest among autonomous districts, and expanded the scope to include non-tax revenue areas. Gangnam-gu, which has maintained the undisputed number one position in tax support since April 2020, will continue to hold that position.”

He also said, “We will continue to provide practical support measures to residents so that the phrase ‘Gangnam is different’ is heard, creating a differentiated city that surpasses Korea and becomes the world’s number one city.”

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