Songpa-gu Collects 430.9 Billion KRW in District Revenue Last Year

Revenue collection exceeded the target of 402.1 billion KRW by 28.8 billion KRW... Local taxes 305.1 billion KRW, non-tax revenue 125.8 billion KRW

Registration license tax exceeded target by 5.9%, local consumption tax by 163.6%

Songpa-gu (Mayor Seo Gang-seok) finalized revenue collection of 430.9 billion KRW last year.

This figure exceeds the final target amount (402.1 billion KRW) by 28.8 billion KRW, achieving 107.2% of the goal.

By tax category, property tax accounted for 267.6 billion KRW (62.1%), registration license tax 27.9 billion KRW (6.5%), local consumption tax 8.6 billion KRW (2.0%), and non-tax revenue 125.8 billion KRW (29.2%).

Due to the temporary reduction of the fair market value ratio from 60% to 45% following the amendment of the Local Tax Act Enforcement Decree on June 30, 2022, aimed at reducing the burden on single-home households, property tax collection rate was 0.2% below the target.

Registration license tax was over-collected due to an increase in mortgage registration following large-scale new housing sales, and local consumption tax significantly increased by 552% compared to 1.3 billion KRW last year, due to the 2022 local consumption tax rate hike (2.7%) as part of the second phase of fiscal decentralization.

The district has analyzed monthly collection performance for meticulous revenue management. Despite difficult economic conditions such as prolonged COVID-19, it held ‘Special Revenue Collection Strategy Meetings’ to stably achieve revenue targets, expanding local resources and making every effort to realize tax justice.

In particular, a ‘High-Amount Delinquent Taxpayer Special Collection Team’ was formed to conduct strong collection activities such as auctioning seized properties, restricting licensed businesses, and publicizing names for habitual and high-amount delinquent taxpayers, establishing a fair tax payment culture.

For livelihood-type delinquent taxpayers facing economic difficulties, the district provided hardship counseling, deferred collection measures, and encouraged installment payments, demonstrating careful administration that considers socially vulnerable groups and conducting flexible collection activities.

Songpa-gu finalized its 2023 budget at 1.1752 trillion KRW, planning to use it for six strategic goal projects to achieve the vision of a ‘premium city serving residents as owners’: ▲ Comfortable city ▲ Prosperous city ▲ Safe city ▲ Inclusive city ▲ Cultural and sports city ▲ City of educational advancement.

Additionally, by establishing a systematic fund expenditure plan, the district plans to promote sound district finances by actively supporting prompt execution of projects with direct effects on local economic revitalization, such as resident-experience projects.

Seo Gang-seok, Mayor of Songpa-gu, stated, “Despite difficult economic conditions such as prolonged COVID-19 and economic recession, the excellent results were thanks to the residents’ sincere tax payment awareness and the staff’s proactive work performance,” adding, “We will do our best to operate the budget efficiently so that the precious taxes of our residents are not wasted.”

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