Seoul City Selects 300,000 Exemplary Taxpayers... Benefits of 'Interest Rate Reduction'

147 Distinguished Taxpayers... Exemption from Public Parking Fees

Seoul City has selected over 300,000 exemplary local tax payers and will provide benefits such as interest rate reductions on loans.

On the 29th, Seoul City announced that it has selected 308,122 exemplary tax payers in celebration of the upcoming '58th Taxpayer's Day.' The selected exemplary tax payers represent 4.2% of all taxpayers, consisting of 294,430 individuals and 13,692 corporations.

The number of exemplary tax payers selected this year increased by 8.9% (25,378 people) compared to last year. A city official explained that over the past five years, the number of exemplary tax payers has been increasing by about 20,000 annually, indicating that citizens' tax payment awareness is steadily improving. The selection criteria for exemplary tax payers require no outstanding local tax arrears nationwide as of January 1, no arrears on Seoul city or district taxes in the past 10 years, and full payment of at least two Seoul city taxes within the deadline for eight consecutive years.

Seoul City plans to select a total of 147 'Meritorious Taxpayers' in early next month, based on recommendations from the 25 district offices, considering factors such as tax revenue contribution and community service among the exemplary tax payers. Meritorious Taxpayers are individuals who have made significant contributions to Seoul City's finances and social development through activities such as helping disadvantaged neighbors and volunteering, selected upon recommendation by local districts.

The selected exemplary tax payers will receive benefits including up to a 0.5% interest rate reduction on loans from city banks, exemption from about 20 types of fees, preferential exchange rates, and a one-grade upgrade in credit rating during the Seoul Credit Guarantee Foundation’s guarantee review. Plans are also being considered to expand support such as increasing hospitals offering medical expense discounts and priority invitations to Seoul City-hosted events.

The 147 Meritorious Taxpayers will receive additional benefits such as exemption from parking fees at Seoul City public parking lots for one year, exemption from tax audits for three years, and exemption from tax payment guarantees during collection deferrals. To receive benefits, exemplary and meritorious tax payers must obtain and submit a 'Certificate of Exemplary Taxpayer' issued through the Seoul City Internet Tax Payment System (ETAX), the Tax Payment App (STAX), or at district tax offices or local community centers.

Kim Jin-man, Director of the Seoul City Finance Bureau, said, "We deeply appreciate taxpayers who faithfully fulfill their tax obligations despite difficult economic conditions," and added, "We will continue to make efforts to enhance the pride of Seoul’s exemplary tax payers and raise awareness of the importance of sincere tax payment."

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