Jeonbuk Province Extends Corporate Local Income Tax Payment Deadline... Up to 1 Year Possible

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Jeonbuk Province announced on the 3rd that corporations suffering significant losses or facing critical crises in their business due to 'COVID-19' plan to extend the payment deadline up to one year in accordance with Article 6 of the Enforcement Decree of the Local Tax Basic Act.

Extension applications can be submitted by filling out the Local Tax Payment Deadline Extension Application Form (Form No. 2 of the Enforcement Rules of the Local Tax Basic Act) and either visiting the tax office of the city, county, or district where the business is located in person, or applying via fax, mail, or the local tax electronic system, WETAX.

The corporate local income tax filing targets include for-profit corporations, non-profit corporations engaged in income-generating businesses, and foreign corporations with domestic source income; corporations with no income or operating at a loss are also subject to filing.

Additionally, if a business has locations in two or more cities or counties, it must file separately for each jurisdiction. Filing in only one city or county will result in additional penalties for non-filing in the other locations, so caution is required.

A Jeonbuk Province official stated, “We plan to actively support payment deadline extensions within the scope permitted by law for companies struggling due to COVID-19,” and added, “Given the COVID-19 situation, we encourage active use of electronic filing through WETAX.”

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