Please Prepay Your Comprehensive Income Tax by the 2nd of Next Month

Timeff Affected Businesses Deadline Extended by 9 Months

Individual business owners with comprehensive income must pay the interim comprehensive income tax by the 2nd of next month. The deadline for interim comprehensive income tax payments for business owners affected by the Tmon and Wemakeprice incidents, typhoons, and heavy rains will be extended by up to 9 months.

The National Tax Service announced on the 4th that there are 1.49 million taxpayers subject to this year's interim comprehensive income tax payment.

The interim comprehensive income tax system requires taxpayers to pay 50% of last year's comprehensive income tax amount (the interim payment base amount) in advance based on the first half of this year, and pay the remaining balance during next year's final tax return.

Taxpayers who started a new business this year or whose income is only from withholding sources such as interest, dividends, or wages do not need to make interim payments. Those whose interim payment amount is less than 500,000 KRW or whose business income consists only of separately taxed rental income from housing are also excluded from interim payment obligations.

Taxpayers subject to interim payments must pay the interim tax amount by the 2nd of next month. If the interim payment amount exceeds 10 million KRW, partial installment payments can be made from next month until February 3rd of the following year.

Taxpayers experiencing difficulties in business due to the Tmon and Wemakeprice incidents, typhoons, or heavy rain disasters can apply for an extension of the payment deadline for up to 9 months by submitting an extension application through Hometax or the tax office.

The National Tax Service stated, "We will actively review and support taxpayers facing business difficulties, such as those affected by the Tmon incident and disaster victims, who apply for an extension of the payment deadline."