Seocho-gu Extends Corporate Local Income Tax Payment Deadline by 3 Months for Businesses Affected by COVID-19

Extension of Corporate Local Income Tax Payment Deadline to August 2 for SMEs in Restricted Sectors Due to COVID-19 from End of April

[Asia Economy Reporter Jongil Park] Seocho-gu (Mayor Eunhee Jo) is extending the payment deadline for the 2021 corporate local income tax for small and medium-sized enterprises affected by COVID-19 restrictions on gatherings and business operations from the original end of April to August 2, a three-month extension.

Companies that have received an automatic extension for the national corporate tax payment deadline do not need to separately apply for an extension of the corporate local income tax payment deadline and will automatically receive the extension benefit. However, even companies eligible for the automatic extension must file their corporate local income tax returns within the deadline.

Corporations with fiscal year-end in December that have business sites in the region must file their corporate local income tax returns with the relevant district office by April 30, even if they have no income or have losses. Corporations with business sites in two or more local governments must apportion and file/pay accordingly.

The district office has sent about 25,000 notices containing this information to local corporations and tax agents. Detailed filing and payment guidance can be found on the websites of Wetax, Etax, and Seocho-gu Office.

Seocho-gu Mayor Eunhee Jo stated, “Through the extension of the corporate local income tax deadline, we will do our best to ease the burden on small and medium-sized enterprises facing difficulties and help revitalize the local economy.”