Jeonnam Province Eases Corporate Tax Audit Burden... Ensuring Business Stability

Introduction of System Allowing Companies to Choose Audit Timing
Postponement of Audits for Family-Friendly Corporations

Jeonnam Province Tax Audit Burden Relief Measures Guide Poster. Provided by Jeonnam Province

Jeollanam-do has selected 60 corporations as targets for this year's regular local tax audit and will allow them to choose the timing of their audits. In addition, the province plans to ease the management burden on businesses by postponing audits for family-friendly companies. This is part of measures to revive the local economy.

According to Jeollanam-do on the 5th, the province fairly selected corporations that acquired more than 1 billion KRW in acquisition tax base, based on objective criteria such as acquisition amount and type.

To reduce the audit burden on corporations, the advance notice period for tax audits will be extended by 5 days from the current 15 days to 20 days, and a 'preferred timing selection system' will be introduced, allowing corporations to choose their audit period, thereby minimizing the impact on business activities.

Consideration for diligent taxpayers and family-friendly companies will also be strengthened. In addition to exemplary taxpayers and promising small and medium-sized enterprises that previously received audit deferral benefits, starting this year, 'family-friendly certified companies' and 'work-life balance excellent companies' will also be exempted from audits to support solutions to the low birth rate and foster a family-friendly management environment.

Park Seongyeol, head of the Taxation Division of Jeollanam-do, said, "Tax audits are essential for fair tax administration, but we will operate them carefully to avoid discouraging business activities."