"Corporate Tax Filing and Payment Due by the End of This Month"…Deadline Extended by 3 Months for COVID-19 Affected Industries

[Asia Economy Sejong=Reporter Kim Hyewon] The National Tax Service announced on the 1st that it is accepting corporate tax filings and payments until the 31st of this month for approximately 999,000 corporations with fiscal year-end in December last year. Eligible corporations can electronically file their returns via Hometax starting today.

Corporations with tax payments exceeding 10 million KRW can pay in installments. Corporations with tax payments of 20 million KRW or less must pay the amount exceeding 10 million KRW in installments, while those with tax payments exceeding 20 million KRW can pay up to 50% of the tax amount in installments by May 2nd (May 31st for small and medium enterprises).

The payment deadline is extended by three months for businesses subject to COVID-19 gathering bans and business restrictions. The payment deadline for small and medium enterprises located in employment crisis areas and special industrial crisis response zones is also extended by three months ex officio.

The National Tax Service plans to actively extend payment deadlines for corporations that have suffered significant business losses due to the resurgence of COVID-19 upon application. The extension period will be within three months, but if the reason for the extension persists, additional extensions up to a maximum of nine months will be possible.

The National Tax Service will also conduct verification of filings by corporations suspected of filing inaccurately by precisely analyzing whether assistance materials were reflected in the filings. Through big data analysis, the National Tax Service provides customized assistance materials that help with accurate filing via Hometax, mobile platforms, and YouTube short-form videos.

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