Companies to Receive 'Year-End Tax Refund' Over 10 Days Earlier

National Tax Service: "To Support Cash Flow of Companies Applying for Refunds"

The National Tax Service announced on the 8th that it will advance the payment of the '2022 Year-end Tax Settlement Refund' by more than 10 days ahead of the original schedule to support the liquidity of companies facing business difficulties due to the economic downturn.

The early refund targets are companies that submit the withholding tax execution status report and apply for the year-end tax settlement refund payment by the 10th. Therefore, if a company does not apply for a refund and settles the tax amount to be paid for February 2023 or pays it in advance with the company's funds, the actual refund date for employees will vary depending on each company.

If the withholding tax report and payment statement are submitted, the payment timing will be accelerated from the original date of the 31st to the 17th. If additional review of the report contents is required, or if employees belonging to companies that are bankrupt, closed, or have wage arrears apply directly, the refund payment conditions will be reviewed and the refund will be paid by the 31st.

Companies must conduct the year-end tax settlement when paying employees' February salary and submit the withholding tax execution status report (refund application) and employee income payment statement by the 10th. Once the company submits the employee income payment statement, employees can check the amount to be refunded by directly viewing the payment statement on Hometax or Sontax from the day after submission.

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