National Tax Service Considers Extending Payment Deadlines for VAT and Comprehensive Income Tax

[Asia Economy Reporter Kwangho Lee] The government is considering extending the filing and payment deadlines for value-added tax and comprehensive income tax to support self-employed individuals and small and medium-sized enterprises (SMEs) affected by the spread of the novel coronavirus infection (COVID-19).

On the 20th, Kim Hyun-joon, Commissioner of the National Tax Service, reported the current status of tax support measures at the Central Disaster and Safety Countermeasures Headquarters meeting on COVID-19 response, chaired by Prime Minister Chung Sye-kyun at the Government Seoul Office.

Commissioner Kim stated, "The National Tax Service is implementing comprehensive tax support measures so that taxpayers such as self-employed individuals and SMEs struggling due to the spread of COVID-19 can quickly overcome the damage."

Value-added tax filing and payment are due in April, and comprehensive income tax in May. The National Tax Service plans to extend the filing and payment deadline for value-added tax prepayments by corporations located in special disaster areas by one month ex officio, and extend the prepayment notice and payment deadline for individual business owners by three months.

Previously, the National Tax Service advanced the payment schedule of year-end tax settlement refunds for earned income tax for the 2019 tax year by about 10 days.

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