Changwon Special City, "April is the Month to Report and Pay Corporate Local Income Tax"

Corporate Local Income Tax Intensive Filing Period

Changwon Special City in Gyeongnam announced that it will receive the declaration and payment of the 2023 corporate local income tax for corporations with a fiscal year ending in December by April 30.

Changwon Special City Hall.

The declaration targets include for-profit corporations whose fiscal year ended in December last year, non-profit corporations engaged in profit-making activities, and foreign corporations with domestic source income. Corporations with no income or losses must also file a declaration.

In particular, if a corporation has business sites in more than one local government area, failure to allocate by business site and filing with only one local government, or failure to submit attachments such as the corporate local income tax base and tax return, will result in a non-filing penalty tax (20%), so special caution is required.

Declarations can be conveniently made through the local tax online declaration and payment system, WETAX, or by visiting or mailing to the local government where the business site is located as of the fiscal year-end date.

This year, to ease the tax burden and help companies operate smoothly and fulfill their tax obligations faithfully, a corporate local income tax installment payment system has been newly established. If the corporate local income tax to be paid exceeds 1 million KRW, installment payments are possible (2 months for small and medium enterprises, 1 month for others).

Jo Young-wan, head of the Taxation Division, said, “We plan to strengthen publicity to ensure that corporations subject to declaration file and pay within the deadline, and to do our best to prevent any disruption in the declaration process through thorough preparation.”