NTS Commissioner Lim Gwanghyun: "Automatic Two-Month Extension for Corporate Tax Prepayments in Heavy Rain Disaster Areas"

Establishment of "Dedicated Tax Support Desks for Flood-Affected Taxpayers"
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The National Tax Service (NTS) has taken tax relief measures, including automatically extending the payment deadline for corporate income tax prepayments by two months for areas affected by heavy rainfall.

The NTS announced that Commissioner Lim Gwanghyun, in his first official act after taking office, visited the Yesan Tax Office on July 24 to assess the status of tax support in regions affected by heavy rains and urged active tax relief for taxpayers who suffered damages.

The NTS is providing tax relief to taxpayers in six regions declared special disaster zones due to heavy rainfall: Seosan City and Yesan County in South Chungcheong Province, Sancheong County and Hapcheon County in South Gyeongsang Province, Damyang County in South Jeolla Province, and Gapyeong County in Gyeonggi Province. To this end, the NTS has established "dedicated tax support desks for flood-affected taxpayers" at the six tax offices overseeing these special disaster zones and plans to provide prompt support for consultations and applications related to tax relief, such as extensions of filing and payment deadlines for those affected by the heavy rains.

First, the NTS will automatically extend, without application from taxpayers, the payment deadline for corporate income tax prepayments due by the end of August by two months for 4,135 corporations located in the designated special disaster zones. Corporate income tax prepayment is a procedure that allows companies to pay part of their annual corporate tax during the fiscal year, reducing the burden of a large lump-sum payment and enabling the government to secure tax revenue in advance.

In addition, if a business located in a special disaster zone has difficulty paying the confirmed value-added tax for the first half of 2025 and applies for an extension, the payment deadline can be extended for up to two years (with the filing deadline extended up to nine months). For businesses outside the special disaster zones, the payment deadline can be extended for up to nine months. Even if a corporation that is not in a special disaster zone but has suffered significant business losses applies for an extension of the corporate income tax prepayment deadline, the NTS will actively consider granting the extension.

Along with these measures, the NTS plans to donate 10 million won, raised through employee contributions, to the Hope Bridge Korea Disaster Relief Association on July 28 to support victims of the heavy rains.

An NTS official stated, "The National Tax Service will continue to strengthen communication with taxpayers and provide the maximum possible tax relief to those facing difficulties," adding, "We will also continue to carry out social contribution activities with the participation of all employees to fulfill our social responsibilities and promote a culture of sharing in our society."

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