Busan City Levies 47.2 Billion KRW in Resident Tax... Payment Due by September 1

Individual Portion: 15.5 Billion KRW from 1.3 Million Cases
Business Establishment Portion: 31.7 Billion KRW from 200,000 Cases

The city of Busan (Mayor Park Hyungjoon) has levied approximately 1.5 million regular resident tax bills for August this year, including both individual and business establishment portions as well as local education tax, totaling 47.2 billion KRW. The resident tax must be paid by September 1.

On August 15, Busan City announced that of the regular resident tax levied this time, the individual portion accounts for about 1.3 million cases and 15.5 billion KRW (including 3.1 billion KRW in local education tax), while the business establishment portion accounts for about 200,000 cases and 31.7 billion KRW (including 3.9 billion KRW in local education tax).

The individual portion of the resident tax is imposed on heads of households who have their address registered in Busan as of the tax base date, July 1, as well as on foreigners who have resided in Busan for more than one year. However, beneficiaries of public assistance, minors, and unmarried heads of single-person households under the age of 30 who are direct descendants of the head of household are exempt from the tax.

Corporations with business establishments in Busan and individual business owners whose value-added tax base in the previous year was at least 80 million KRW must file and pay the business establishment portion of the resident tax by September 1.

Since 2021, to minimize taxpayer inconvenience following the switch to a reporting and payment system for the business establishment portion of the resident tax, the city has been sending payment notices in bulk. If payment is made by the deadline, it is considered as both reported and paid, even if a separate filing is not made.

If a taxpayer does not receive the payment notice, or if the amount or total floor area of the business establishment stated on the notice does not match the actual situation, they must file and pay directly via Wetax or at the district or county tax office. If the taxpayer fails to file or pay by the deadline, additional charges may be imposed.

Payments can be conveniently checked and made from anywhere using mobile apps (Smart Wetax), Internet Giro, or Wetax.

In addition, payments can be made through dedicated (virtual) accounts, automated response systems, banks (ATMs, bill payment machines), and KakaoPay. Taxpayers can also receive tax deduction benefits by using electronic notifications and automatic account transfers.

Shin Jongbae, Director of Tax Administration for the city, stated, "The resident tax is a valuable resource used to improve citizens' quality of life and welfare, including the development of social infrastructure. As the payment deadline (August 31) falls on a Sunday, payments will be accepted until September 1. We kindly ask all residents to ensure their resident tax is paid within the deadline."

Busan City Hall.

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