The provincial office will review tax benefits offered to local businesses since 2002 as the financial burden of the local government has been added from issuance of provincial bonds, COVID-19 and emergency relief funds.
In particular local golf courses that were blamed for fee rise while cutting benefits during the pandemic will likely face tax increases.

Mike Laidman reports.

Report
The provincial government has issued provincial bonds worth over 400 billion won since 2019 to purchase land for planned - but long-delayed - public facilities, like parks and roads.

As such. the province’s debt has been on the rise - exceeding 10 percent last year.

The local government’s financial woes stem from the snowballing effects of the fight against COVID-19 and distribution of emergency relief funds.

The provincial office has plans to review all of the tax benefits offered to local businesses since 2002 in order to potentially increase their tax revenues.
The province may raise tax rates or decrease tax exemptions that were previously introduced to attract investments and boost the economy.

Back in 2019, 260 billion won was earmarked for investment promotion zones, vacation homes, and ships.


Jeju’s golf courses have enjoyed a boom as of late, and have been blamed for rises in fees and benefit cuts to islanders during the pandemic. They are likely to face tax increases.
[Slug] Property tax cuts of ₩7.2B won given to golf courses in 2020
There were 7.2 billion won in property tax cuts given to Jeju’s private golf courses last year. Now, the province is planning to gradually increase their tax rates.

Jeju will seek input from relevant industries and ask advice from the Ministry of the Interior and Safety on how to proceed. It will then submit an ordinance bill for the changes made to tax exemptions to the provincial council during the second half of this year.
The new changes will take effect next year if the bill is passed, but there is expected to be opposition from the industries facing the proposed tax increases.
Mike Laidman, KCTV