National Tax Service extends tax break period for 'kind landlords'
Updated: 2021-11-25 15:51:01 KST
The National Tax Service decided to extend its tax break period for so-called "kind landlords," or those who voluntarily reduced rent to ease the burden on their tenants.
This is in line with efforts to expand help for small businesses struggling to pay rent during the pandemic and as the government made amendments to the Restriction of Special Taxation Act this month.
Contracts that were signed before June 30th this year will be eligible.
Previously it only applied to contracts signed by January 2020.
If tenants close their businesses during the contract period, landlords will still be eligible for the tax break for the remainder of the contract term.
The program launched last year has been rewarding these "kind" landlords with a tax credit of up to 70 percent of the reduced rent cost.