Sejong to Resume Tax Audits on Real Estate, Construction, and Financial Sectors Starting Next Month

[Asia Economy (Sejong) Reporter Jeong Il-woong] Tax audits that were postponed due to COVID-19 in Sejong will resume starting next month.

Sejong City announced on the 27th that it will resume corporate regular and general tax audits, which were postponed in the first half of this year, from next month and conduct them until the end of the year.

The audit targets are corporations selected by the Local Tax Deliberation Committee in February. Considering the impact of COVID-19, this year 70% of the usual audit targets (35 corporations) will be audited.

This tax audit will cover all areas of local taxes, focusing on real estate, construction, and finance industries, to verify whether corporations have properly reported local taxes and whether tax-exempt real estate is being used for its original purpose.

However, the city will provide prior guidance to corporations affected by COVID-19 to allow deferral of audits and payments, and to reduce the burden on businesses, on-site visits will be avoided and written audits will be conducted.

A city official stated, “We will actively promote the establishment of a sincere reporting and payment system and the spread of voluntary tax payment culture to ensure transparent tax administration in the field.”