Exporting SMEs' Corporate Tax Payment Deadline Extended by 3 Months to End of June

NTS Extends Payment Deadline Ex Officio Without Taxpayer Application
Only Payment Deadline Extended... Filing Required by March 31

The corporate tax payment deadline for export-oriented small and medium-sized enterprises (SMEs) will be extended by three months to June 30 this year.

On the 24th, the National Tax Service (NTS) announced that it will provide tax support measures such as extending the corporate tax payment deadline for December fiscal year-end corporations ex officio to ease the financial burden on export SMEs facing difficulties due to ongoing global high interest rates, high inflation, and tariff wars.

The corporate tax extension benefit applies to export SMEs whose sales have decreased compared to the previous year. The eligible corporations include 16,000 companies that meet one or more of the following criteria: ▲export amount accounts for 50% or more of total sales ▲designated as 'Excellent Export SMEs' by the Korea Customs Service and notified to the NTS ▲selected as 'Trade Person of the Month Shining Korea' or 'Export Tower Awardees' by the Korea International Trade Association ▲designated as 'World-Class Product Manufacturing Companies' by the Korea Trade-Investment Promotion Agency (KOTRA).

This year, the scope of export amount includes not only the amount directly exported overseas but also the amount supplied domestically under domestic letters of credit or purchase approvals, thereby expanding the support target. Additionally, the NTS will provide tax support at the same level as export SMEs to SMEs affected by the Jeju Air passenger plane accident and those located in special disaster areas (Muan County, Jeollanam-do).

The NTS will extend the corporate tax payment deadline for eligible SMEs ex officio from the original March 31 to June 30 without requiring taxpayers to apply. If the payment amount exceeds 10 million KRW and is paid in installments, the installment payment deadlines will also be extended simultaneously.

The NTS plans to notify corporations whose payment deadlines have been extended individually. However, since only the payment deadline is extended, corporate tax returns must still be filed by March 31 without fail.

An NTS official stated, "We will actively consider additional extensions if requested for the extended payment deadline and exempt tax payment guarantees up to 100 million KRW. For corporations with refund amounts, payments that were usually made within 30 days after the filing deadline will be expedited to within 10 days (April 10)."

Along with this, the NTS plans to prioritize the pre-review of research and development (R&D) tax credits and correction claims to allow companies to focus on management such as exports, and in principle, exclude corporate tax return verification unless there is clear suspicion of tax evasion.

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