After Lunar New Year Holiday, VAT Filing and Payment Extended by Two Days Until the 27th

[Asia Economy Sejong=Reporter Kim Hyewon] The National Tax Service announced on the 5th that, considering the Lunar New Year holiday, the deadline for the final filing and payment of the 2nd term value-added tax (VAT) for 2022 will be extended by two days from the 25th to the 27th.

All individual and corporate taxable business operators must file and pay VAT on their business performance for the taxable period subject to filing.

The total number of subjects is 8.66 million, consisting of 1.21 million corporate business operators and 7.45 million individual business operators (5.05 million general and 2.4 million simplified). This is an increase of 490,000 compared to one year ago.

The National Tax Service will additionally provide items in the integrated inquiry service for filing data, which allows users to check taxable information necessary for VAT filing on a single screen. The newly added items are 'Electronic Tax Invoice Issuance Tax Credit Amount' and 'Credit Card Issuance Tax Credit Amount.'

The pre-filled service, which allows users to immediately view and fill in major items of the tax return, has added 'Electronic Tax Invoice Issuance Tax Credit Amount,' offering a total of 30 items.

To enable small-scale simplified taxpayers to file easily and conveniently via Hometax without visiting the tax office, new pre-filled and tax assistant services have been prepared. Using the amounts collected by the National Tax Service from credit card and cash receipt issuances, sales amounts are pre-filled in the simplified taxpayer’s easy filing form. There is also a tax assistant service that allows small taxpayers unfamiliar with taxation to complete the tax return by answering simple questions without having to find and enter each complicated item individually.

If a business operator experiencing management difficulties due to the complex economic crisis, COVID-19, or disaster damage applies for an extension of the payment deadline, it can be extended up to a maximum of 9 months. In addition, companies eligible for tax administration support, such as small and medium enterprises and innovative companies, will receive VAT refunds early. If early refund is applied for by the 27th and there is no suspicion of improper refund, payment will be made by the 3rd of next month.

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