Gwangyang City Secures 1 Billion KRW Refund Through Value-Added Tax Revision Claim

"Reducing Expenditures and Enhancing Fiscal Efficiency"

Gwangyang City in South Jeolla Province (Mayor Jung Inhwa) announced on October 31 that it has successfully secured a refund of approximately 1 billion KRW through a revised tax claim for the value-added tax portion of the project costs used in the construction of the Seonghwang Multipurpose Sports Complex.

This refund was achieved as a result of the diligent efforts of the Accounting Department’s Property and Government Office Team, who thoroughly reviewed relevant laws and cases from other local governments, and closely collaborated with the Sports Department, which was in charge of facility construction.

Exterior view of Gwangyang City Hall.

The city expects that this refund, achieved amid a shortfall in tax revenue, will significantly contribute to strengthening its fiscal soundness.

A city official stated, "We were able to secure a refund of about 1 billion KRW through the National Tax Service’s thorough review of documentation and on-site inspections conducted under strict procedures," adding, "By uncovering these dormant financial resources, we have been able to take pride and satisfaction in our roles as public officials."

Lee Boksoo, head of the Accounting Department’s Property and Government Office Team, said, "Going forward, we will conduct a comprehensive survey of all city-built facilities to determine the possibility of value-added tax refunds," adding, "Through these efforts, we will reduce expenditures and enhance fiscal efficiency."

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