Tax Relief Provided for 'Tongyeong' Special Disaster Zone... Extensions on Payment Deadlines and Suspension of Tax Audits

"Heavy Rain Victims Tax Support Desk" Established at Tongyeong Tax Office
Deadlines for Filing and Payment of Corporate, VAT, and Income Taxes Extended by Up to Two Years

The National Tax Service will provide tax relief for taxpayers in Tongyeong who have been affected by severe rainfall, after the area was declared a special disaster zone. Deadlines for filing and payment of corporate tax, value-added tax, and comprehensive income tax can be extended by up to two years.

On September 6, the National Tax Service announced that, following the designation of the entire Tongyeong city as a special disaster zone on September 4, it will expand tax support measures for affected taxpayers, including extension of filing and payment deadlines, suspension of seizures and sales, and deferral of tax audits.

In this regard, support and consultations can be quickly provided to taxpayers through the "Heavy Rain Victims Tax Support Desk" established and operating at the Tongyeong Tax Office since August 18.

First, if taxpayers struggling due to heavy rain damage apply for an extension of filing and payment deadlines for corporate tax, value-added tax, comprehensive income tax, and similar taxes, those deadlines can be extended by up to two years. For areas that are not special disaster zones, the extension of payment deadlines can be applied for up to nine months.

Tax relief can be requested via the Tongyeong Tax Office's tax support desk, by mail, or through Hometax. If a taxpayer currently has overdue taxes and applies for a suspension of seizure or sale of seized property, the suspension can also be granted for up to two years. In regions not designated as special disaster areas, the suspension of seizure and sale can be applied for up to one year. In the case of taxpayers affected by severe rainfall who apply for deadline extensions or seizure/sale suspensions, the requirement for tax collateral will be exempted as much as possible.

Additionally, tax audits will be deferred for taxpayers engaged in fisheries, tourism, shipbuilding, or similar industries whose audits have already been notified or started.

If a national tax refund is due, the payment will be expedited as much as possible. For business operators who have lost 20% or more of their business assets due to the heavy rainfall, the amount of income tax or corporate tax unpaid or payable in the future will be deducted in proportion to the loss sustained.

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