Geochang-gun Implements Local Tax Reductions to Overcome Prolonged COVID-19 Pandemic...

Tax Benefits of About 100 Million KRW for Military-Based Sole Proprietors and Small Corporations

Geochang County Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Geochang-gun, Gyeongnam Province, will temporarily reduce local taxes again this year to ease the tax burden on individual business owners and small and medium-sized corporations within the county who are suffering direct and indirect damage due to the prolonged COVID-19 pandemic.

The main details include a 50% reduction in the business subdivision resident tax imposed on individual business owners and small and medium-sized corporations with capital of 3 billion KRW or less, as well as on the total area of business sites exceeding 330㎡ operated by businesses subject to assembly bans or business restrictions due to COVID-19 quarantine measures.

Additionally, automobile tax will be fully exempted for passenger vehicles used for transportation businesses within the county, including rural buses, intercity buses, charter buses, and taxis operated by individuals and corporations.

The county expects that through the local tax reduction, approximately 3,500 individual business owners and others within the county who are struggling due to COVID-19 will benefit, with the total amount of tax reduction estimated to reach about 100 million KRW.

To alleviate taxpayer inconvenience, the county plans to identify eligible recipients and apply the tax reduction ex officio without requiring separate applications or submission of documents. If eligible recipients have already paid local taxes, a full refund will be issued.

Gu In-mo, the mayor of Geochang-gun, said, “I hope this local tax reduction will help ease the burden on local business owners who are experiencing economic difficulties due to COVID-19, even if only a little.”

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