Business Closure and Operation Restrictions for Small Business Owners... Extension of Personal Local Income Tax Filing and Payment Deadline

Extension of Payment Deadline by 3 Months for Small Business Owners and Small-scale Self-employed under Gathering Bans and Business Restrictions

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do supports the extension of the filing and payment deadline for individual local income tax in May for taxpayers experiencing difficulties.

Individuals with comprehensive income from last year must file and pay individual local income tax by the end of May.

However, considering business losses due to COVID-19, the province extends the payment deadline for individual local income tax to the end of August, along with comprehensive income tax.

The automatic extension targets include small business owners subject to gathering bans or business restrictions, small-scale self-employed individuals, and self-employed persons in the lower income bracket with sharp sales declines.

Those in professional occupations, real estate rental, lending business, or with financial income exceeding 20 million won are excluded.

To receive the benefit of the extended payment deadline for individual local income tax, taxpayers must file by the end of May together with comprehensive income tax. Eligibility for deadline extension can be confirmed through the responsible local government’s public notices or websites and bulletin boards.

For good landlords, all are eligible for the payment deadline extension regardless of sales scale, and if comprehensive income tax is filed within the filing deadline and a tax credit application is submitted, the extension is automatically granted.

Taxpayers not subject to automatic extension can also receive support if they apply for an extension.

If damages are not resolved even after the extended filing and payment deadline, additional extensions can be granted upon application.

After applying for an extension of the comprehensive income tax deadline through Hometax and receiving approval, the individual local income tax extension is automatically approved without a separate application.

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