National Tax Service: "File May's Comprehensive and Local Income Taxes via 'Hometax'"

Payment extension for early COVID-19 recovery support until August
Providing maximum customized sincere reporting assistance materials via Hometax

[Asia Economy Reporter Kwangho Lee] The National Tax Service announced on the 28th that taxpayers with comprehensive income in 2019 must file their income tax returns by June 1.

Those subject to the faithful reporting confirmation must attach a faithful reporting confirmation letter prepared by a tax agent and file by June 30.

The income subject to reporting includes all income earned domestically and abroad for residents (individuals with a domestic address or who have stayed in Korea for 183 days or more), and domestic-source income for non-residents.

The filing method is to use the National Tax Service Hometax system. Filing can be done starting from the 1st of next month.

Small business owners who received a pre-filled tax return, totaling 2.43 million people, can file via ARS using a landline or mobile phone without visiting the tax office, and filing by mail or fax is also possible.

The National Tax Service is extending the payment deadline to August 31 for all taxpayers, regardless of industry or region, by official order to support taxpayers facing difficulties due to the novel coronavirus infection (COVID-19).

Taxpayers who suffered damage due to a sharp decline in sales can apply to extend the filing deadline by up to three months. For taxpayers residing in special disaster areas such as Daegu and Gyeongbuk, where damage is severe, the filing deadline is extended by official order to June 30.

If a tax agent who files income tax on behalf of taxpayers has difficulty filing within the deadline due to infection or other reasons, they can also apply for an extension.

If the damage caused by COVID-19 is not resolved even after the extended filing and payment deadline, an additional extension is possible.

Taxpayers whose deadlines are extended by official order do not need to provide tax guarantees, and for small business owners whose deadlines are extended upon application, tax guarantees are exempted up to 100 million KRW.

For income tax refund recipients who file by June 1, the refund payment is planned to be made by June 23, one week earlier than last year.

The National Tax Service is providing maximum Hometax services so that taxpayers can easily and conveniently file comprehensive income tax returns non-face-to-face.

Taxpayers can conveniently complete their filings on five dedicated screens provided according to filing types: general filers, simple expense ratio filers, those with only earned income, those with only religious income, and separate taxation filers for housing rental income.

Starting this year, filers with only earned income can also file income tax through Hometax. A service that helps determine major expenses when preparing a standard expense ratio return will also be provided.

From this year, taxpayers with housing rental income of 20 million KRW or less for the 2019 tax year must also file income tax.

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