National Tax Service Extends Income Tax Payment Deadline by 3 Months for 1.26 Million Small Business Owners

Extension until September 2 without separate application
However, reporting must be completed by the end of this month

The National Tax Service announced on the 9th that it will extend the comprehensive income tax payment deadline to September 2nd for 1.26 million small business owners and others without requiring a separate application or tax payment guarantee.

Additionally, as part of the National Tax Service's tax support package, the payment deadline for comprehensive income tax will be automatically extended for 1.25 million businesses that automatically received a value-added tax payment extension in January of this year.

The National Tax Service will send a notice indicating the extended payment deadline to those eligible for automatic extension, and the automatic extension status can be checked through the filing assistance service on Hometax and Sontax.

However, only the payment deadline is extended, so the comprehensive income tax return must be submitted by the 31st of this month. After submitting the return, payment can be made by the virtual account provided in the notice by September 2nd, or electronically via Hometax or Sontax. Payment can also be made by visiting a financial institution with the payment slip. Even though the payment deadline is extended, payment can be made at any time before the extended deadline.

Even if the payment deadline is automatically extended, installment payments are possible if the tax amount to be paid exceeds 10 million KRW. Part of the tax amount can be paid by September 2nd, and the remaining amount can be paid within two months, by November 4th. For example, if the tax amount is 15 million KRW, 10 million KRW should be paid by September 2nd, and the remaining 5 million KRW by November 4th.

If the comprehensive income tax payment deadline is automatically extended, the payment deadline for individual local income tax will also be extended to September 2nd without a separate application.