Uiwang City Strengthens Acquisition Tax Collection on Land Compensation Increases

[Suwon Ilbo=Seo Dong-young Reporter] Uiwang City announced on the 10th that it has strengthened tax collection efforts against developers who failed to report acquisition tax on land compensation increases.

In urban development projects, when landowners do not reach an agreement with the developer, the developer acquires land through a forced expropriation decision to facilitate smooth development and reports and pays acquisition tax based on this. The final land compensation amount is then confirmed through objections and administrative lawsuits.

When the confirmed compensation amount exceeds the expropriation decision price, the developer must file a revised acquisition tax report and make payment on the increased compensation amount in accordance with Article 49 of the Local Tax Basic Act.

The city conducted a comprehensive survey of expropriated land since 2015 and collected an additional 350 million won from 356 cases of unreported acquisition tax.

Jo Ji-hyun, head of the city's Tax Administration Division, said, "We plan to conduct continuous monitoring of all development projects going forward. For development project sites currently in progress, we encourage developers to file voluntary reports within the reporting deadline to avoid disadvantages such as additional taxes due to acquisition tax reporting omissions."