Gyeonggi Province Provides Tax Relief for Flood-Damaged Vehicles and Local Taxes

[Suwon Ilbo=Park No-hun] Gyeonggi Province has launched efforts to promote local tax relief measures applicable in disaster situations such as flooding to support residents affected by the recent concentrated downpour in the Seoul metropolitan area.

According to Gyeonggi Province on the 11th, residents can be exempted from acquisition tax if they purchase replacement buildings or vehicles to replace buildings (houses, storefronts, offices, factories, etc.), vehicles, machinery and equipment, etc. that have been destroyed or damaged by natural disasters such as flooding within 2 years of the incident.

Additionally, if a vehicle is submerged in water and rendered unusable, automobile tax is waived from the date of flooding.

If buildings, vehicles, and other property are damaged by flooding and property tax or acquisition tax already assessed or reported cannot be paid by the payment deadline, residents can submit a report to their local city or county office to extend the payment deadline for up to one year.

For those in arrears, collection can be suspended or delinquency processing can be deferred.

Delinquency processing refers to the process in which the state or local governments seize assets of delinquent taxpayers, conduct public auctions, and dispose of property to enforce collection of unpaid local taxes.

To receive local tax relief benefits, residents must submit a damage confirmation certificate issued by the head of their local eup, myeon, or dong to the city or county tax office.

For submerged vehicles, a total damage certificate issued by the General Insurance Association chairman or a vehicle disposal certificate issued by a scrapyard is also acceptable.

Choi Won-sam, director of Gyeonggi Province's Tax Administration Division, stated, "Local tax laws stipulate various tax relief measures to support residents who suffer property losses due to natural disasters and other force majeure events," and advised, "If you have suffered flooding damage in this recent concentrated downpour in the Seoul metropolitan area, it is advisable to contact your local city or county tax office to learn what tax relief support is available."