630,000 Corporate Businesses Must File and Pay VAT by the 25th

The National Tax Service announced on the 4th that 630,000 corporate taxpayers must file and pay the '2024 1st Quarter Estimated Value-Added Tax' by the 25th of this month.

Small-scale corporate taxpayers with a supply value of less than 150 million KRW in the previous tax period can pay using the estimated tax bill. By using the 'Pre-filled (total 24 types)' service on Hometax, filing can be done more easily and conveniently, and if there is no business performance, filing can be done simply through the mobile Sontax app.

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Individual general taxpayers (2.31 million) and small-scale corporate taxpayers (170,000), totaling 2.48 million people, can pay the VAT by the 25th according to the estimated tax bill sent by the National Tax Service.

Taxes can be paid via account transfer, credit card, or simple payment through Hometax (PC/mobile), or directly at unmanned payment booths at tax offices (credit card) or financial institutions.

The National Tax Service plans to extend payment deadlines and provide early refunds to exporters and small and medium-sized enterprises to support exports, investment, and improve corporate liquidity.

If eligible taxpayers apply for early refunds by the 25th, payments will be made by May 3rd, seven days earlier than the statutory payment deadline of May 10th. For businesses experiencing management difficulties due to the complex economic crisis, requests for payment deadline extensions will be actively reviewed and supported for up to nine months.

An official from the National Tax Service stated, "After filing, we analyze the filing contents, including whether the filing assistance data has been reflected, and conduct verification for insincere filers. We ask taxpayers to recognize that sincere filing is the best tax-saving method and to refer to the provided filing assistance data to file accurately."

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