Gangnam-gu Provides Tax Payment Convenience Worth 286.5 Billion Won to Small Business Owners and Others

Installment Payment and Payment Deadline Extension Applied
Expanded to Corporations Eligible for Installment Payment This Year

Gangnam-gu Office building.

Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) announced on the 16th that it provided tax support benefits totaling 8,939 cases and 286.5 billion KRW in local income tax to small business owners and corporations struggling with high interest rates and inflation this year.

This is the largest scale among autonomous districts and includes benefits such as installment payments (230.8 billion KRW), extension of payment deadlines (53.4 billion KRW), and collection deferrals (2.3 billion KRW).

Installment payment is a system that allows partial payment of tax amounts exceeding 1 million KRW to be paid in installments within 1 to 2 months from the day after the payment deadline. The district expanded the installment payment system, which was previously applied only to small business owners, to corporations for the first time this year and actively promoted it through notices, the website, and AlimTalk messages. As a result, 4,475 local income tax payers were able to reduce the burden of paying taxes all at once by paying 230.8 billion KRW in installments.

Additionally, considering the sales decline rates of small and medium-sized enterprises in construction, manufacturing, and export sectors, the district extended the payment deadline by three months until the end of April for corporations and until the end of May for individuals. Even for those not subject to automatic extension, the district actively accepted deadline extension requests from business owners facing difficulties, extending the payment deadline for 53.4 billion KRW.

District Mayor Jo Seong-myeong stated, “This tax support measure was prepared to alleviate the management burden of small business owners and corporations struggling amid the economic crisis,” and added, “We will continue to contribute to the recovery and stability of the local economy through various tax support measures.”