Incheon City Offers Interest Rate Benefits to Local Tax Compliant Payers... 1,000 Selected Annually

Incheon City provides preferential bank interest rates and fee benefits to diligent local tax payers. On the 22nd, the city signed a 'Financial Preferential Treatment and Support Agreement for Diligent Taxpayers' with Shinhan Bank, NongHyup Bank, and the Incheon Credit Guarantee Foundation.

According to the agreement, these institutions will offer benefits to diligent taxpayers selected by the city, including preferential interest rates and fees from Shinhan Bank and NongHyup Bank, reduced credit guarantee fees for small businesses and small merchants from the Incheon Credit Guarantee Foundation, a three-year exemption from local tax audits, and a one-time two-year exemption from local tax payment guarantees.

Diligent taxpayers are those who have had no local tax arrears for the past 10 years and have paid at least two full payments on time each year. They are selected through recommendations from districts and counties and deliberation by the Local Tax Review Committee.

Earlier, the city enacted an ordinance for preferential treatment and support for diligent taxpayers in July and plans to select 1,000 diligent taxpayers annually. This year, 1,000 taxpayers will be selected by the end of the year as well.

An official from Incheon City stated, "We signed this agreement to enhance tax payment awareness by providing various incentives and to secure stable independent revenue sources." He added, "We will strive to create a tax culture where citizens who faithfully fulfill their local tax obligations are socially respected and favored, despite difficult economic conditions."

Incheon City Hall

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