The National Tax Service (NTS) will extend the corporate tax payment deadline by two months for approximately 1,200 small and medium-sized enterprises (SMEs) in Geoje and Tongyeong affected by recent heavy rains.
On August 18, the NTS announced that it would provide tax support to SMEs in these regions, considering that the current period is for the interim corporate tax prepayment reporting and payment.
These businesses can now pay their interim corporate tax, originally due by the end of this month, until November 2 without needing to submit a separate application, as the NTS will automatically extend the deadline.
Dedicated support centers for taxpayers affected by the heavy rains will be established at the Tongyeong Tax Office and the Geoje Tax Office. These centers will operate as one-stop services, allowing affected businesses to apply for tax support and receive consultations in one location.
Corporations that have lost more than 20% of their business assets can apply for disaster loss tax deductions. The NTS plans to proactively identify eligible corporations and guide them through the deduction application process during the interim tax payment.
Disaster loss tax deductions can be applied for online after checking the relevant information in the Home Tax system under the disaster loss tax deduction menu.
Taxpayers in other southern regions affected by the heavy rains will also be eligible for tax support. The NTS intends to assess the damage and extend reporting and payment deadlines, as well as defer seizures and sales, within the limits allowed by law.
* This article has been translated by AI.
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