National Tax Service to Expedite Year-End Tax Refunds... Shortened by Over 10 Days

If You Are an Employee of a Bankrupt or Closed Company, You Can Also Apply for Refunds Directly

[Asia Economy Reporter Kwangho Lee] The government is moving up the payment schedule for the '2019 Earned Income Tax Year-End Settlement Refund' by about 10 days to support taxpayers facing economic difficulties due to the spread of the novel coronavirus infection (COVID-19).

The National Tax Service announced on the 10th that it will shorten the payment schedule for the 2019 earned income tax year-end settlement refunds and make early payments.

Those subject to 'individual refunds,' such as employees of insolvent companies due to bankruptcy or closure, or those who did not submit earned income payment statements, will receive payments on the 31st of this month, while 'bulk refund' recipients, excluding individual refund recipients among refund applicants, will be paid on the 20th. Both dates are about 10 days earlier than originally scheduled.

The early payment of year-end settlement refunds applies only to 'companies that apply for refund payments at the time of withholding tax filing.'

If a company does not apply for the year-end settlement refund and adjusts the refund from the withholding tax to be paid, or pays the refund to employees using company funds, the payment schedule will be determined according to the circumstances of the respective company.

This content was produced with the assistance of AI translation services.