Jinju-si Extends Partial Reduction of Resident Tax Business for COVID-19 Damage Support

Ban on Gatherings and Restrictions Targeting Over 5,000 Business Sites in Industries Facing Management Crisis

Jinju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, has decided to extend the reduction of the resident tax business subdivision imposed in August this year, following last year, targeting individual business owners who are struggling due to the prolonged COVID-19 pandemic.

The city will provide a 100% exemption of the basic resident tax business subdivision amount to individual business owners who have faced business restrictions to prevent the spread of COVID-19 over a long period and are experiencing difficulties in management.

The exemption targets businesses that were subject to gathering bans or restrictions, such as restaurants, cafes, and karaoke rooms, or those classified as management crisis industries eligible for the ‘Small Business Support Fund Plus’ announced by the Ministry of SMEs and Startups, including travel agencies, chartered bus transportation, and performance groups, totaling 112 business types, both individuals and corporations. However, corporations are limited to those with capital or investment amounts of 3 billion KRW or less.

To alleviate taxpayer inconvenience, the exemption will be applied ex officio at the time of imposition without a separate application. Those who miss the exemption period can apply later and receive the exemption according to the agreement, and if local taxes have already been paid, a refund will be issued.

According to the city’s exemption decision, about 25 million KRW in tax support is expected for approximately 5,000 business establishments suffering direct or indirect damage due to COVID-19.

Jinju City stated that it will actively promote the use of support measures already underway, such as deadline extensions, collection deferrals, delinquency disposition deferrals, and tax audit deferrals, and will seek various local tax support plans to help recover the economy stagnated by COVID-19.

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