Public Interest Corporations Must Submit Financial Statements and Report Donated Assets by April 30

April 1 Launch of Integrated Reporting System
Support for Note Disclosure for Small and Medium-sized Public Interest Corporations
Expansion and Operation of Tax Law Education for Public Interest Corporations

Public interest corporations with a fiscal year ending in December must disclose their financial statements and submit reports on contributed assets and compliance status through Hometax by April 30, the National Tax Service (NTS) announced on the 27th.

Starting this year, simplified disclosure subjects must also disclose within the deadline, as failure to disclose or errors in the disclosure content may result in additional taxes.

The NTS will launch an integrated reporting system on the 1st of next month that allows simultaneous submission of financial statement disclosures and contributed asset reports.

An NTS official explained, "Previously, there was inconvenience in separately preparing financial disclosure forms and contributed asset reports, which contained many similar or identical items. From this year, by completing the integrated reporting screen once, both reports can be submitted simultaneously, enabling convenient reporting. It also prevents errors such as mismatched amounts between identical items or omissions in advance."

The NTS has strengthened support by assisting with note preparation and providing customized help materials to help public interest corporations with limited tax personnel report faithfully.

The burden of note disclosure for small- and medium-sized public interest corporations will be eased. Notes are additional entries that significantly affect financial statements or are necessary for understanding them. Public interest corporations not subject to audits under the Public Interest Corporation Accounting Standards will see the mandatory note items (15 types) reduced to 7 types.

Additionally, from this year, if re-disclosure occurs after the reporting deadline, the reason must be entered, and the originally disclosed details, re-disclosed details, and reasons will all be made public.

The NTS plans to continue improving the reporting system and expanding tax law education to support public interest corporations in reporting faithfully.