Gyeongbuk Province Actively Supports Local Taxes for Residents Affected by Typhoon Hinnamnor

Exemption of Local Taxes Including Extension of Alternative Acquisition and Payment Deadlines for Housing and Vehicles, and Collection Deferral

Postponement of Local Tax Audits for Affected Companies Including POSCO Scheduled for October

Gyeongbuk Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Gwiyeol] Gyeongbuk Province is preparing and implementing local tax support measures for residents who suffered property damage from Typhoon ‘Hinnamnor’.

The Pohang and Gyeongju areas were declared special disaster zones on September 7.

For buildings, machinery, vehicles, etc. destroyed or damaged by Typhoon Hinnamnor, if restored or replaced within two years, acquisition tax will be exempted within the previous value.

Also, registration license tax will be exempted for building permits and licenses related to buildings.

The deadline for reporting and paying acquisition tax, etc. will be extended by six months, and collection of overdue amounts can be deferred for six months.

Residents affected in the Pohang and Gyeongju areas, which were first declared special disaster zones, will be fully exempted from acquisition tax and registration license tax, and payment deadlines and deferrals will be extended up to two years.

For companies damaged in Pohang, including POSCO and the steel industrial complex, the property tax (due in September) will be extended by six months upon application by the affected companies, and corporate local income tax payment deadlines will be extended by three months.

Also, local tax audits scheduled for October for companies such as POSCO will be postponed until damage recovery is completed.

In addition, cities and counties may reduce local taxes through resolutions of local councils considering the damage situation.

Residents wishing to receive local tax support can obtain a damage confirmation certificate at the relevant city, county, or district office and submit it along with an application to the tax department to receive exemptions on acquisition tax, etc.

Governor Lee Cheol-woo said, “We will actively promote local tax support measures to ensure practical local tax assistance for affected residents and do our best to prevent any eligible recipients from being overlooked.”

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