"Companies Can Choose Tax Audit Timing Themselves"... Bucheon City to Implement from Next Month

Bucheon City in Gyeonggi Province will implement the "Local Tax Audit Timing Selection System" starting next month to reduce the burden of tax audits on corporations.

This system allows companies to autonomously choose the timing of their regular tax audits according to their business circumstances. The core of the system is to expand the company's right to choose, moving away from the previous method in which the authorities unilaterally notified companies of the audit schedule.

This year, the city plans to apply the system to 100 corporations that are subject to regular tax audits in the second half of the year, out of a total of 200 corporations. Based on the results of its operation in the second half of the year, the city plans to fully expand the system starting next year.

At the beginning of this month, the city will send out guidance documents and application forms to the selected corporations. Corporations can then select their preferred tax audit periods, ranking up to three choices, and submit their applications via mail, fax, or email. If multiple corporations select the same period, assignments will be made on a first-come, first-served basis.

Tax audits will be conducted starting in July, following individual notifications at the end of this month. Corporations that do not apply will be audited according to the schedule set by the city, as in the past.

An official from Bucheon City stated, "By allowing companies to directly choose the timing of tax audits, we aim to increase corporate cooperation and trust in the audit process. We will continue to promote taxpayer-friendly policies and pursue tax administration that fosters mutual growth with businesses."