Yeongdeungpo-gu Supports Tax Benefits for Taxpayers Facing COVID-19 Crisis

Published 22 Feb.2021 06:56(KST)

Suspension of Delinquent Tax Collection on Property Without Seizable Value... Deferral of Tax Arrears Collection and Enforcement Measures for 6 Months (Up to 1 Year)

Yeongdeungpo-gu Supports Tax Benefits for Taxpayers Facing COVID-19 Crisis

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (Mayor Chae Hyun-il) is launching various tax support measures to assist taxpayers struggling due to the prolonged COVID-19 pandemic.

This plan aims to provide economic recovery opportunities to taxpayers facing financial crises caused directly or indirectly by COVID-19, supporting them to pay overdue taxes once their financial situation normalizes.

The district announced specific tax support measures including ▲ suspension of collection actions on seized assets with no practical benefit ▲ deferment of overdue tax collection ▲ deferment of collection actions ▲ temporary release of seizure on livelihood vehicles.

First, the district will analyze the practical benefit of seized assets of local tax delinquents and conduct collection actions on assets with no practical benefit (real estate, automobiles, bonds) twice a year.

This is a step beyond the deferment of overdue tax collection and collection actions implemented in 2020. The suspension of collection actions on assets with no practical benefit will be enforced ex officio after review by the Local Tax Deliberation Committee and public notice.

The deferment of overdue tax collection and collection actions will continue this year as well. Overdue local taxes subject to reminders will be deferred without requiring tax payment guarantees, and collection procedures such as property seizure and sale of seized assets will be deferred within a six-month period (extendable once, up to one year).

Additionally, if the vehicle owner proves that the seized vehicle is used for livelihood purposes at the site of license plate seizure, temporary release of the seizure will be applied. Through this, the district plans to actively support the economic recovery of small-scale taxpayers pushed to the brink of livelihood by COVID-19.

Tax support measures such as deferment of collection for taxpayers affected by COVID-19 can be applied for by mail or visit to the district’s Collection Division.

Furthermore, the district will operate a dedicated task force and working council for local tax and non-tax revenue support to promptly respond to taxpayers’ difficulties and prepare systematic support measures.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, stated, “We will strengthen communication with taxpayers facing economic difficulties due to COVID-19 and do our best to restore a co-prosperity economy with residents by providing multifaceted support within the scope of the law.”