Ulsan Last Year Corporate Tax Audit Results in 6.6 Billion KRW Local Tax Recovery

Support Including Tax Audit Deferral for Excellent Employment Companies and Small Business Owners

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] In Ulsan, 6.624 billion KRW was collected through local tax audits last year.

Ulsan City announced on the 10th that it conducted tax audits on 557 corporations over 10 months from March to December last year and collected unpaid acquisition taxes and others.

As a result of the investigation, 4.228 billion KRW was collected from 180 out of 335 corporations subject to regular tax audits, and 2.396 billion KRW was collected from 160 out of 222 corporations in vulnerable sectors such as regional housing cooperatives and apartment complexes.

Major cases of additional collection included failure to report acquired properties, omission of land acquisition costs related to regional housing cooperative development projects, non-use of tax-exempt real estate for business purposes, and errors in nationwide allocation of corporate tax local income tax.

Ulsan City explained that it minimized the tax audit burden on corporations facing difficulties due to COVID-19 by adjusting and deferring audit schedules and combining document reviews with on-site inspections.

This year, Ulsan City plans to defer tax audits for small and sincere businesses to help recover the local economy, which has been stagnant due to economic slowdown and prolonged COVID-19, and will notify companies selected for regular tax audits in advance to gather their opinions on audit schedules and methods as much as possible.

Additionally, Ulsan City plans to produce and distribute customized local tax practical manuals focused on recurring cases of additional collection annually to corporations and promote consulting-oriented tax guidance to encourage sincere reporting and payment.

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