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Busan Metropolitan City Assesses KRW 47.1 Billion in Resident Tax... Payment Due by August 31

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Busan Metropolitan City, led by Mayor Chun Jae-soo, announced that it has sent a total of 1.5 million individual resident tax notices and business establishment resident tax payment forms for August, designated as Resident Tax Payment Month, and that payment must be made by August 31.

The total resident tax assessed by Busan Metropolitan City in 2026 amounts to KRW 47.1 billion, including the local education tax. Of this amount, KRW 15.4 billion is individual resident tax assessed in 1.3 million cases, while KRW 31.7 billion is business establishment resident tax assessed in 200,000 cases.

Individual resident tax is assessed on heads of households whose registered address is in Busan as of July 1.

Those exempt from taxation include recipients under the National Basic Living Security Act, minors under the Civil Act, and unmarried heads of households under the age of 30 who are direct descendants of the head of household and form a household on their own.

Business establishment resident tax must be filed and paid by August 31 by corporations with a place of business in Busan as of July 1 and by individual business owners whose value-added tax base for the previous year, 2025, was KRW 80 million or more.

Following the 2021 restructuring of the resident tax system, business establishment resident tax was changed to a filing-and-payment system, under which taxpayers are, in principle, required to file the tax themselves through services such as WETAX.

For taxpayers' convenience, the City has again sent business establishment resident tax payment forms showing the amount due to all liable taxpayers this year. Payment made by the deadline will be deemed to constitute proper filing and payment.

Those who did not receive a payment form or whose stated tax amount does not reflect their current circumstances must file and pay the tax directly through WETAX or the tax office of the relevant district or county. Taxpayers should note that failure to file and pay by the deadline may result in penalties.

Resident tax can be paid conveniently without a paper tax notice through a variety of methods, including online services such as WETAX and Internet Giro, the Smart WETAX mobile service, dedicated virtual payment accounts, bank ATMs, and the ARS telephone payment service at 142211.

Lee Gyeong-deok, Director-General for Finance of Busan Metropolitan City, said, “The resident tax assessed this time is an important source of revenue used to improve citizens’ quality of life and enhance their welfare, including through the development of social infrastructure.” He added, “We ask taxpayers to make sure to pay by the deadline.”