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 relief measures—including extensions on corporate tax payment deadlines—for small and medium-sized enterprises located in southern regions such as Geoje and Tongyeong, which have been severely affected by recent extreme heavy rainfall.

On August 18, the National Tax Service stated that it will use its authority to grant a two-month extension for the corporate tax payment deadlines for all 1,200 small and medium-sized enterprises in Geoje and Tongyeong subject to interim prepayment. For these companies, the corporate tax interim prepayment that would ordinarily be due by the end of August will be automatically extended without requiring any separate application, and can now be paid by November 2 instead.

Additionally, dedicated "Heavy Rain Damage Tax Relief Service Centers" will be established at the relevant tax offices in Tongyeong and Geoje, providing one-stop tax relief support to help affected businesses focus solely on recovery efforts. The National Tax Service plans to offer active assistance through these measures.

A representative from the National Tax Service said, "We will proactively identify corporations that have lost more than 20% of their business assets due to this heavy rainfall—making them eligible for disaster loss tax credits—and will guide them through the tax credit process during their interim corporate tax payment. Furthermore, the National Tax Service will offer maximum permissible tax relief, such as extensions of reporting and payment deadlines and deferment of seizures and asset sales, not only to small and medium-sized enterprises in southern regions like Geoje and Tongyeong but also to all taxpayers experiencing difficulties due to heavy rain, within the limits allowed by law."

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