A Flat Rate of 11,000 KRW Imposed for Individuals
Business Tax Varies by Total Floor Area and Scale
Shinan County in South Jeolla Province has designated August as the month for resident tax payments and is actively accepting filings and payments for both individual and business resident taxes.
The county announced on the 7th that it has imposed a total of 217 million KRW in individual resident taxes on 19,817 cases for August, and that business resident tax filings and payments will be accepted until the 31st.
The individual resident tax is a flat rate of 11,000 KRW per household head who has an address in Shinan County as of July 1. The payment period is from the 16th to the 31st.
The business resident tax applies to individual business owners as well as corporations and organizations, and is calculated by adding the basic tax amount and the tax amount based on the total floor area.
The basic tax amount is 50,000 KRW for individual business owners, and for corporations, it ranges from 50,000 KRW to 200,000 KRW depending on the size of capital.
For the total floor area tax, if the business premises exceed 330 square meters, an additional 250 KRW per square meter is imposed.
In particular, following the revision of the Local Tax Act Enforcement Decree in 2023, individual business owners whose value-added tax base for the previous year was less than 80 million KRW are exempt from the tax obligation, thereby easing the tax burden somewhat.
To enhance taxpayer convenience, the county has sent payment notices reflecting the status of each business site, and payment within the deadline will be recognized as filing without the need for a separate declaration.
Payments can be made through any financial institution nationwide, CD/ATM, credit card, Wetax, and other various methods.
A Shinan County official stated, "The resident tax is an important tax item that serves as a financial resource for administrative services closely related to the lives of county residents. Please make sure to pay within the deadline to avoid any disadvantages, and for inquiries, contact the Civil Service Division at the county office."
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