Guide to Local Taxes for Corporations in Gimpo City
The city of Gimpo provides guidance on local tax cases that corporations may overlook.
Acquisition Tax for Major Shareholders
✔️ Taxpayer: Individuals who become major shareholders by acquiring stocks or shares of unlisted corporations.
✔️ Reporting and Payment Deadline: Within 60 days from the date of stock acquisition (date of name transfer).
✔️ Tax Base: Total value of the corporation's taxable assets at the time the tax obligation arises × Shareholding ratio of the major shareholder.
✔️ Tax Rate: 2.2% (Acquisition Tax 2%, Special Tax for Agriculture and Fisheries 0.2%). Note: Registered vehicles are exempt from the Special Tax for Agriculture and Fisheries.
Acquisition Tax for Unregistered Electric Forklifts
Even if used only within the business premises, it is subject to acquisition tax.
✔️ Taxpayer: Individuals who acquire unregistered electric forklifts for use within their business premises.
✔️ Reporting and Payment Deadline: Within 60 days from the acquisition date (actual payment date).
✔️ Tax Base:
For new acquisitions: Actual acquisition price (excluding value-added tax).
For used acquisitions: Higher of the reported price (actual acquisition price) and the standard market value.
✔️ Tax Rate: 2.2% (Acquisition Tax 2%, Special Tax for Agriculture and Fisheries 0.2%).
Resident Tax (Business Establishment Portion)
✔️ Taxpayer: Individual and corporate business owners with a business establishment in Gimpo City as of July 1 each year.
✔️ Reporting and Payment Deadline: August 1 to August 31.
✔️ Tax Base: Business establishment and its total floor area.
☞ Total floor area = Exclusive area + Common area – Exempt area (employee welfare facilities).
✔️ Tax Rate: Basic tax rate (500,000 to 2,000,000 KRW) + Tax rate based on total floor area (250 KRW per square meter for areas exceeding 330㎡).
Resident Tax (Employee Portion)
✔️ Taxable Subject: Business establishments with an average monthly salary exceeding 180 million KRW for the last 12 months, including the month of salary payment (for salary payments until December 2024, the threshold is 150 million KRW).
✔️ Taxpayer: Employers paying salaries to employees.
✔️ Reporting and Payment Deadline: By the 10th of the month following the month of salary payment.
✔️ Tax Base × Tax Rate: 0.5% of the total salary paid to employees in that month.
Source :https://blog.naver.com/gimpo2010/224245487477
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