Tax Support for Taxpayers in Special Disaster Areas Due to Heavy Rain in Nonsan and Yeongdong... Payment Deadlines Extended Up to 2 Years

The National Tax Service announced on the 16th that it will provide tax administration support such as extension of payment deadlines, suspension of seizure and sale, and postponement of tax audits for taxpayers located in five local governments designated as special disaster areas due to heavy rain damage: Yeongdong-gun in Chungbuk, Nonsan-si and Seocheon-gun in Chungnam, Wanju-gun in Jeonbuk, and Ipam-myeon in Yeongyang-gun, Gyeongbuk.

Taxpayers in special disaster areas who are experiencing business difficulties due to heavy rain damage can apply for an extension of the payment deadline for value-added tax, corporate tax, comprehensive income tax, etc., for up to two years. For national taxes that have been notified, an extension of up to two years can also be applied for. In areas not designated as special disaster areas, the payment deadline extension can be applied for up to nine months.

Also, if there is an outstanding balance and an application for suspension of seizure and sale of seized property is made, a deferral of up to two years is possible. In areas not designated as special disaster areas, suspension of seizure and sale can be applied for up to one year.

The National Tax Service plans to provide tax administration support such as extension of payment deadlines ex officio if taxpayers are unable to apply due to reasons such as death or disappearance. In addition, if taxpayers who have received notification of a tax audit apply for postponement or suspension of the audit, the request will be actively reviewed.

If business assets have been lost by 20% or more due to heavy rain damage, submitting an application for disaster loss tax credit to the tax office within three months from the date of the disaster occurrence allows for a tax credit on unpaid or future income tax or corporate tax proportional to the lost ratio.

To apply for extensions of payment deadlines and other support, applications can be submitted by mail to the competent tax office or online via the National Tax Service Hometax system.

A National Tax Service official stated, "The National Tax Service plans to actively provide tax administration support not only to areas additionally designated as special disaster areas but also to taxpayers in other regions who are experiencing business difficulties due to heavy rain damage."