[National Tax Service]
[National Tax Service]

Taxpayers in the special disaster zones of Geoje and Tongyeong, hit by extreme rainfall, can have their tax payment deadlines extended by up to two years.

The National Tax Service announced Monday that taxpayers in the designated special disaster areas — including Geoje city and Tongyeong's Sanyang-eup and Bongpyeong-dong in South Gyeongsang Province — may apply to extend filing and payment deadlines for corporate tax, value-added tax and comprehensive income tax by up to two years.

Deadlines for taxes already assessed and billed can also be extended by up to two years upon application. Taxpayers may apply through a dedicated heavy-rain disaster support window at the Tongyeong Tax Office, by mail, or through the Hometax online system.

Local corporations required to pay interim corporate tax prepayments by the end of August will automatically receive a two-month extension to Nov. 2, without needing to file a separate application, under the tax agency's own authority.

The agency had already extended interim prepayment deadlines by two months on Aug. 18 for small and medium-sized enterprises subject to interim payments in the area. With the region's designation as a special disaster zone, the agency decided to broaden that tax support to all affected taxpayers.

Taxpayers may also apply for a suspension of seizures and the sale of seized assets due to delinquency, with deferrals available for up to two years. In such cases, tax collateral requirements will be waived to the greatest extent possible.

Businesses in the fisheries, tourism and shipbuilding sectors that have received advance notice of a tax audit or are currently under audit will have those audits deferred.

Any national tax refunds owed will be paid out as quickly as possible. Business operators who have lost 20 percent or more of their business assets due to the heavy rainfall may claim a tax credit against income tax or corporate tax — whether unpaid or yet to be assessed — proportional to the share of assets lost. To qualify, applicants must submit a disaster-loss tax credit application within three months of the date the disaster occurred.


oskymoon@heraldcorp.com