Acquisition Tax Reduction for Flooded or Damaged Properties,
Exemption of Automobile Tax, and More
Damyang County in South Jeolla Province (Governor Jung Chulwon) announced on July 24 that, following its recent designation as a special disaster area, it will implement tax relief measures such as local tax reductions and payment deferrals to support the swift return to daily life for affected residents and the recovery of the local economy.
For properties such as houses, buildings, and vehicles that were destroyed or damaged by the record-breaking heavy rain between July 17 and 19, acquisition tax will be reduced for replacement properties acquired within two years from the date of flooding. Automobile tax will be exempted for vehicles that are unusable due to flooding or other damage.
Additionally, for declared taxes such as acquisition tax, residents may apply to extend the filing and payment deadlines by up to two years. For assessed taxes such as property tax, notification and collection may also be deferred for up to two years.
In the case of delinquent taxpayers, enforcement actions such as property seizure or sale may be postponed for up to two years. Companies that have difficulty undergoing tax audits due to flood damage may request a postponement of the audit. For non-tax revenues, support such as deferral of enforcement actions, extension of payment deadlines, and installment payments is also available in accordance with relevant laws.
Residents wishing to apply for local tax reductions or payment deferrals may do so through the Damyang County Finance Division or their local town or township office, and must submit documents proving the damage, such as a disaster damage confirmation certificate.
Governor Jung Chulwon stated, "Our residents are suffering greatly from this heavy rain. We will not turn away from their pain, and will do our utmost to support a swift return to normalcy by preparing various measures, including tax relief."
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