Busan Urban Corporation to Strengthen Accounting and Tax Competencies... Expert-led Training Sessions

Discussion on Development Plans for Theories and Practices of Local Tax and Related Laws

Busan Metropolitan Corporation (BMC) recently conducted specialized training for employees responsible for accounting and tax affairs at the BMC Hall on the 4th floor of the corporation's building.

The fields of accounting settlement and taxation are essential elements for companies, with a wide variety of relevant laws and standards that must be observed compared to other tasks.

Since these duties provide key financial information related to management, any errors may result in various managerial risks, such as additional tax burdens or adverse audit opinions.

To proactively address these issues and strengthen the expertise of its staff, BMC held a special training session on the 17th.

The session was led by Kong Byungjin, a certified public accountant from Anse Accounting Corporation, who focused on practical and essential topics such as explanations of regulations related to the corporation under the Local Tax Act and the Restriction of Special Local Taxation Act, as well as detailed information on property tax exemptions, in line with the property tax payment periods in July and September.

On July 25, there was a Q&A session addressing various practical questions from employees regarding the filing of value-added tax returns, in line with the deadline for the first half of 2024 VAT returns.

BMC is making multifaceted efforts to reduce tax risks. Every year, the corporation conducts a comprehensive survey and update of its assets throughout Busan, meticulously verifies the application of tax exemptions and reductions, and closely coordinates with tax authorities to thoroughly manage tax exemption and reduction matters.

In particular, there have been cases of budget savings by independently identifying and correcting classification errors by tax authorities, such as the imposition of taxes on properties not under the corporation's name and land taxation, and applying for corrections or reductions.

Kim Yonghak, President of Busan Metropolitan Corporation, said, "It was a useful training session that enabled us to accurately understand the complex principles of accounting and taxation and apply them in practice," adding, "We will do our best to become a company trusted by citizens through transparent and accurate accounting and tax processing."

Busan Urban Corporation

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