Namwon City in Jeonbuk announced on the 19th that it will provide acquisition tax guidance to owners when applying for land category changes to prevent unfair cases of paying additional taxes due to lack of knowledge about the reporting and payment procedures for acquisition tax on land category changes.
Acquisition tax for land category changes must be reported within 60 days after applying for the change. If the land value increases, the acquisition tax of 2.2% is imposed based on the taxable amount calculated by comparing the official land prices before and after the category change. Failure to report within the deadline results in an additional penalty tax.
In particular, the tax is imposed separately from design fees, registration license tax, and various other charges incurred during the land category change process. Acquisition tax is not imposed if there is no land category change action.
Kwon Hye-jeong, head of the Civil Affairs Division, said, “We will continue to provide detailed guidance on acquisition tax payment after land category changes to ensure that citizens do not pay additional penalty taxes.”
Namwon = Asia Economy Honam Reporting Headquarters Reporter Jeong Young-kwon baekok@asiae.co.kr
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
