- Gimje City received a VAT refund of approximately 450 million won through active VAT adjustment claims.
- The refund was achieved without external tax services, relying on the efforts of city accounting department officials.
- From 2019 to 2024, a comprehensive survey and analysis of taxable business sites were conducted.
- The refund was obtained from projects like Jipyeongseon Saemaru and Re-factory Wolchon.
- Local governments can claim VAT refunds for expenses in real estate leasing and sports facility operations.
- Successful VAT claims require active collection of contracts, business plans, and negotiation with tax authorities.
- Gimje City officials’ efforts in VAT claims were highly praised.
- The city enhanced its financial resources and saved on service fees through proactive administration.
- A VAT refund plan was established in July 2024, with initial and subsequent claims resulting in significant refunds.
- Kim Jae-hoon, head of Gimje City’s accounting department, emphasized the importance of using the refund for community welfare and regional development.
Source: domin.co.kr
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
