Gangbuk-gu Encourages Participation in Rent Reduction Campaign to Overcome COVID-19 Crisis

Benefits Provided Including Tax Credit for Participating Landlords, Support for Repair and Maintenance Costs, Implementation of Disinfection, and Provision of Disinfection Supplies

[Asia Economy Reporter Jongil Park] Gangbuk-gu (Mayor Park Kyumsu) is encouraging participation in the ‘Rent Reduction Campaign’ to help local small business owners struggling due to the economic downturn caused by the spread of COVID-19.

Landlords participating in the rent reduction campaign will receive a tax credit of up to 50% of the reduced amount on income tax and corporate tax until June, and building maintenance costs and electrical safety inspection fees will also be supported within 30% of the rent reduction amount (up to 5 million KRW).

Additionally, for those who wish, weekly disinfection of commercial areas and stores will be conducted, and disinfection supplies such as hand sanitizers and masks will be provided.

Furthermore, the Ministry of SMEs and Startups plans to select 20 traditional markets nationwide, including many stores participating in rent reduction, to assist with the installation of fire safety packages such as old wiring repairs and sprinklers.

Before the campaign started, landlords of buildings such as Suyu Market, Suyu Traditional Market, Gangbuk Northern Market, Weissquare and Dongsung Building in Songjung-dong, Yunsusan and Jeulgeoun Bapsang buildings in Suyu 1-dong, Kongmaru Gamjatang building in Suyu 2-dong, Newcastle, Kushi, and Hwaromong buildings in Suyu 3-dong, and Rakgung building and Inwon building in Insu-dong reduced rents ranging from tens of thousands to hundreds of thousands of KRW to share the burden of small business owners.

The district office has distributed participation notices mainly in traditional markets to encourage local landlords to join, and is actively promoting the campaign by explaining the rent reduction movement and informing related organizations about the support benefits.

Gangbuk-gu Mayor Park Kyumsu expressed, “I would like to thank the landlords who took the lead and participated in the rent reduction campaign first,” and added, “We will continue to identify participating buildings and provide benefits to expand the campaign.”

More detailed information can be found on the Gangbuk-gu Office website under the news section.

If you are curious about the support benefits or wish to participate, please contact the Gangbuk-gu Office Job and Economy Division.