Buan County: "Report and Pay Corporate Local Income Tax by the End of This Month"

For Non-Profit Corporations and Foreign Corporations

Buan County in North Jeolla Province announced on the 8th that it will operate a concentrated reporting and payment period for corporate local income tax until the end of this month.

Entities required to file include for-profit corporations with business establishments in the county whose fiscal year ended in December of last year, non-profit corporations engaged in profit-making activities, and foreign corporations with domestic source income.

A view of Buan County Office. Provided by Buan County

Corporations that had no income or incurred losses last year must also file by the 30th, and if they fail to report or pay within the deadline, additional taxes will be imposed.

For filing and payment, taxpayers can file online via Wetax, submit by mail to the county office’s finance division, or visit in person. If a business establishment is located in more than one local government, the tax return must be split and filed with each city, county, or district according to the allocation ratio.

The allocation ratio refers to the proportion used to appropriately distribute the tax payable to each local government based on factors such as employee salaries or asset size when a corporation operates in multiple regions. If allocation is not applied and the filing is made only to one local government, additional taxes for non-filing may be imposed by the other local governments.

Corporations that suffered significant business losses last year may extend the payment deadline by submitting a separate application. However, only the payment deadline can be extended; the filing must still be completed by the 30th.

If the tax amount exceeds 1 million KRW, part of the tax can be paid in installments within one month (two months for small and medium-sized enterprises). Taxpayers who have difficulty making a lump-sum payment can apply for installment payment with the county.

A county official stated, “Despite challenging circumstances last year, companies persevered in their operations. To avoid additional taxes, we urge everyone to file and pay within the deadline,” and added, “Businesses facing financial difficulties should actively utilize the payment extension and installment payment systems.”

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