Seoul implements new standards for urban redevelopment and tax verification

The Seoul Metropolitan Government has introduced new administrative standards to accelerate urban redevelopment projects. Under the new guidelines, the designation of public implementers and trust companies must be processed within 30 days. To prevent delays caused by inconsistent administrative handling across different autonomous districts, the city has standardized consultation periods with related agencies to 10 days and limited requests for document supplementation to a maximum of two instances.

In a separate administrative move, the Seoul Metropolitan Council is reviewing an amendment to the ordinance regarding the private entrustment of administrative affairs. The amendment aims to transition the verification system for private entrustment project costs from ‘accounting audits’ to ‘project cost settlement inspections.’ This change would allow both tax accountants and certified public accountants to participate in the verification process, following a Supreme Court ruling. The move is intended to ensure more rigorous oversight of approximately 1 trillion won in annual private entrustment project costs.