Asan Reports 150.4 Billion Won in Corporate Tax Filings...Up 3.8%

A Record 4,330 Corporations File Local Corporate Income Tax as of End of Last Month

On May 7, the city of Asan in South Chungcheong Province announced that, as of the end of last month, a total of 4,330 corporations had reported a combined 150.4 billion won in local corporate income tax for the 2024 fiscal year, marking a record high.

This figure represents an increase of approximately 5.5 billion won (3.8%) compared to the 144.9 billion won reported during the same period last year. The city analyzed that improved operating profits in its key industries, such as semiconductors and automobiles, were the main contributing factors.

In particular, the city secured an additional 19 billion won in previously uncollected tax revenue through a special withholding tax settlement with other local governments. Once the settlement process is completed, local corporate income tax revenue in Asan is expected to surpass 190 billion won for the first time ever.

The city plans to swiftly implement a variety of policies aimed at revitalizing the local economy and supporting the recovery of residents' livelihoods, utilizing the expanded tax revenue.

Mayor Oh Sehyun stated, "I deeply appreciate all corporate representatives who have faithfully filed and paid their taxes despite challenging circumstances," adding, "We will continue to strengthen the soundness of the city's finances through systematic tax base management and thorough tax administration."

Meanwhile, the deadline for filing and paying comprehensive individual local income tax is until the end of this month. Failure to pay within the deadline may result in penalties and other disadvantages.