Changwon City Extends Corporate Local Income Tax Payment Deadline for SMEs by 3 Months Ex Officio
2021 Income Tax Filing and Payment Due by May 2
Extension Application for COVID-19 Damage Until April 27
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City, Gyeongnam, is accepting corporate local income tax filings and payments for the 2021 fiscal year until May 2.
This applies to domestic corporations with business establishments in the region as well as foreign corporations with domestic business establishments.
A city official stated that corporations with fiscal year-end in December must file within four months from the end of the fiscal year, so they must file and pay the tax base, tax return, and attached documents to the responsible tax office by May 2.
They emphasized that failure to submit attached documents or if a corporation subject to apportionment does not apportion and files only with one local government, a non-filing penalty tax will be imposed.
The city decided to extend the payment deadline for corporate local income tax by three months ex officio for small and medium-sized enterprises (SMEs) affected by COVID-19.
The extension applies to SMEs in industries subject to gathering bans or business restrictions due to COVID-19 quarantine measures and SMEs located in employment crisis areas, allowing payment by August 1, three months later than the original May 2 deadline.
Companies requiring an extension of more than three months must apply for an extension to the Changwon City Taxpayer Protection Officer by April 27, according to Article 7 of the Enforcement Decree of the Local Tax Basic Act.
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Jo Youngwan, head of the Taxation Division, said, “We hope that the extension of the payment deadline will help reduce the economic burden on SMEs. Since filings tend to concentrate on the deadline, making smooth processing difficult, it is better to file in advance if possible.”
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