Tax Relief for 'Heavy Rain-Affected SMEs' in Geoje and Tongyeong... National Tax Service Grants Automatic Extension for Interim Corporate Tax Payment Deadlines

Automatically Extended Until November 2, No Separate Application Required
Applies to 1,200 Companies in Geoje and Tongyeong
National Tax Service to Proactively Identify and Support Firms With Over 20% Asset Loss

The National Tax Service has announced that it will actively provide tax support to small and medium-sized enterprises located in the southern regions, such as Geoje and Tongyeong, which were recently hit hard by extreme rainfall. Measures include extending the deadline for corporate tax payments.

On August 18, the National Tax Service stated that it will administratively extend the corporate tax payment deadline by two months for all 1,200 small and medium-sized enterprises in Geoje and Tongyeong that are subject to interim tax prepayment. For these corporations, the due date for interim corporate tax payments originally set for the end of August will be postponed by two months to November 2. This extension will be implemented ex officio, without the need for a separate application.

Additionally, dedicated 'One-Stop Tax Support Counters for Heavy Rainfall Victims' will be established at the Tongyeong Tax Office and the Geoje Branch, which are the relevant tax offices. These counters are intended to offer one-stop tax support so that affected companies can focus solely on recovery. The National Tax Service plans to actively provide support; in particular, it will positively consider deadline extension requests from general companies in addition to small and medium-sized enterprises. As a result, the National Tax Service expects that a number of companies engaged in the shipbuilding industry, a key driver of the local economy in Geoje and Tongyeong, will benefit from this support.

An official from the National Tax Service commented, "We will proactively identify corporations that have lost more than 20% of their business assets due to this heavy rainfall and are therefore eligible for disaster loss tax credits, and will provide guidance on these credits when paying interim corporate taxes. Furthermore, the National Tax Service will provide the maximum possible tax support allowed by law not only to small and medium-sized enterprises in the southern regions such as Geoje and Tongyeong, but also to other taxpayers experiencing difficulties due to the heavy rainfall. This support will include the extension of filing and payment deadlines, as well as the postponement of asset seizure and sale procedures."

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