South Korea's Tongyeong declared special disaster zone after floods

South Korean President Lee designates flood-hit Tongyeong as special disaster zone

Seoul, Sep 4

The government plans to step up recovery efforts following extreme torrential rains hitting the city and adjacent regions, presidential spokesperson Kang Yu-jung said in a written briefing.

Last month, the president designated parts of the city and neighbouring Geoje city as special disaster zones, which are eligible for state funding for reconstruction, while some tax cuts and discounts on utility fees are offered to residents, Yonhap News Agency reported.

More than 800 millimetres of rain pounded South Gyeongsang Province, including Tongyeong and Geoje in August.

On August 24, South Korea's tax agency said that it will provide tax relief to taxpayers affected by recent downpours in parts of South Gyeongsang Province, including extensions of payment deadlines and deferrals of tax audits.

The National Tax Service (NTS) said the move came after the government designated the southeastern cities of Geoje and Tongyeong as special disaster zones eligible for government support following torrential rains.

"We plan to extend the payment deadlines for corporate tax, value-added tax and comprehensive income tax by up to two years upon request from taxpayers affected by the torrential rains," the agency said.

The NTS will automatically extend the deadline for interim corporate tax payments originally due by the end of August by two months to November 2, without requiring affected companies in the region to apply.

The agency will delay tax audits for taxpayers in the fisheries, tourism and shipbuilding industries as well.

"The NTS will continue to provide support to taxpayers facing difficulties due to the rains, including those outside the special disaster zones, to the fullest extent permitted by law," it added.

— IANS