Starting August, Gangdong-gu Office (mayor Lee Jung hun) will combine the former local resident tax (property share) reported and paid by business owners in July and the former local inhabitant tax (equally divided share) reported in August with the new local inhabitant tax (business share) and move the tax payment deadline to August in accordance with the Amendment to the Local Tax Act (2020.12.29).

  The newly combined local inhabitant tax (business share) is calculated by adding the basic tax amount of the former equally divided share and the gross floor area tax rate of the former property share. The local education tax is 25% of the basic tax. The basic tax for corporations has been reduced to as much as KRW200,000 from a maximum of KRW500,000.

  The date for tax base for the business share local inhabitant tax is July 1, and it should be reported and paid between August 1 and August 31. In order to minimize inconvenience related to tax payment, the head of the local government can issue payment slips, payment of which is deemed tantamount to reporting and payment of tax by the taxpayer.

  For more information, contact the Department of Local Income Tax of the Gangdong-gu Office (☎02-3425-5620).