Seoul Gangseo-gu, Mandatory Extension of Corporate Local Income Tax Payment Deadline

Mandatory Extension for 90 Corporations Affected by COVID-19 in the Jurisdiction... Applications Accepted for Extension from Other COVID-19 Affected Corporations

[Asia Economy Reporter Jongil Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) is taking active tax support measures for corporations within the district.

Corporations with business establishments in the district that closed their accounts as of the end of December 2019 must file and pay the corporate local income tax for that fiscal year by May 4.

However, as many corporations are experiencing financial difficulties due to COVID-19, the district has decided, for the first time nationwide, to extend the payment deadline ex officio without requiring additional submission documents or tax guarantees for corporations affected by COVID-19.

The targets include 72 corporations that received approval for payment deadline extension during the March corporate tax filing period at the Gangseo Tax Office, and 18 corporations headquartered in Daegu Metropolitan City and Gyeongbuk Cheongdo-gun, Gyeongsan-si, and Bonghwa-gun, which were declared special disaster zones.

The district expects that by extending the payment deadline ex officio, about 90 corporations will be granted a deferral of approximately 2 billion KRW in corporate local income tax.

Additionally, the payment deadline for corporate local income tax for corporations within the district affected by COVID-19 will be extended up to one year.

The support targets include industries facing business difficulties such as aviation, travel, medical, performance, distribution, lodging, and restaurants (excluding entertainment establishments).

Corporations wishing to apply for an extension must submit the payment deadline extension application and related documents by May 4 (Monday) either by visiting the Tax Division 2 at Gangseo-gu Office in person or by mail (2nd floor, Gangseo-gu Office, 302 Hwagok-ro, Gangseo-gu).

The district will review the submitted documents to determine whether to grant the extension and will send a payment extension notice to the respective corporations.

Mayor Noh Hyun-song said, “We have extended the deadline to ease the tax payment burden on corporations struggling due to COVID-19,” and added, “We hope this payment deadline extension will be of great help to those facing business difficulties.”

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