National Tax Service Extends Comprehensive Income Tax Payment Deadline by 3 Months for Taxpayers Affected by Export Slump and Sanbul Damage

Purpose of Stabilizing the Livelihood Economy
Payment Deadline Extended by Authority from May 31 to August 31

The deadline for filing comprehensive income tax for taxpayers facing difficulties due to sluggish exports or wildfire damage has been extended by three months until the end of August.

On the 27th, the National Tax Service announced that it will unilaterally extend the deadline for comprehensive income tax payment until August 31 to help export companies and wildfire-affected taxpayers secure liquidity in a timely manner.

Those subject to the unilateral extension of the payment deadline do not need to provide tax payment guarantees and can pay their comprehensive income tax anytime between the 1st of next month and August 31 if they wish.

However, since the payment deadline is unilaterally extended, export companies and wildfire-affected taxpayers must still file their comprehensive income tax returns by the filing deadline (May 31).

For export companies eligible for the unilateral extension, the 2022 export amount must be 50% or more of total sales, and the taxable sales must be 500 million KRW or more, or they must be individual exporters selected by the Korea Customs Service or the Korea Trade-Investment Promotion Agency (KOTRA). However, those with financial income exceeding 20 million KRW are excluded.

Also, taxpayers residing in areas declared as special disaster zones due to nationwide wildfires, such as Seo-gu in Daejeon and Gangneung-si in Gangwon, can pay their comprehensive income tax by the end of August.

The National Tax Service plans to actively support taxpayers who are not subject to the unilateral extension but apply for an extension of the deadline (filing/payment) due to business difficulties. Small business owners applying for an extension of the payment deadline will be exempted from providing tax payment guarantees up to 150 million KRW.

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