Yeonggwang-gun, Full Exemption of August Individual and Individual Business Resident Tax

[Yeonggwang=Asia Economy Honam Reporting Headquarters Reporter Lee Jeonseong] Jeollanam-do Yeonggwang-gun announced on the 4th that it has decided to grant a 100% exemption on the individual resident tax and individual business place resident tax scheduled to be imposed in August, following the resolution of the 264th Yeonggwang-gun Council temporary session.

This measure was promoted to support taxpayers struggling due to the prolonged COVID-19 pandemic and to contribute to price stabilization by alleviating the burden on low-income households.

As of the 1st of last month, the county plans to unilaterally exempt the individual resident tax of 11,000 KRW imposed on household heads residing in the county and the business place resident tax of 55,000 KRW imposed on individual business owners with business places within the county.

The total exemption amounts to about 380 million KRW, including 240 million KRW for individual resident tax and 140 million KRW for individual business place resident tax, and eligible taxpayers will receive the exemption benefits without any separate application procedures.

The county will send exemption notices by mail within this month instead of resident tax bills to the exempted taxpayers to prevent any confusion among taxpayers.

However, corporate business owners and those with business premises exceeding 330㎡ must report and pay taxes on the total floor area within this month.

A county official stated, “We hope this tax exemption will help overcome the economic crisis caused by the prolonged COVID-19 pandemic and alleviate the burden on low-income households, thereby contributing even slightly to price stabilization.”

For more details, please contact the Taxation Team of the County Finance Division.

Yeonggwang=Asia Economy Honam Reporting Headquarters Reporter Lee Jeonseong baekok@asiae.co.kr

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