In response to the heavy rain last month, which led to the designation of Andong and Uiseong in North Gyeongsang Province as special disaster areas, the National Tax Service (NTS) has announced tax relief measures for affected taxpayers.
The NTS has set up a dedicated support window for flood-affected taxpayers at the Andong Tax Office and will provide tax relief specifically for residents in the Namseon, Iljik, and Imhae-myeon areas of Andong, as well as Danchon-myeon in Uiseong.
Taxpayers residing in these areas can apply for extensions on the filing and payment deadlines for corporate tax, value-added tax, and comprehensive income tax, with extensions available for up to two years. Corporations can also defer the payment deadline for their interim corporate tax until the end of October, even if they do not apply by the 31st.
If there are any outstanding tax debts, taxpayers can receive a two-year deferment on property seizures or the sale of seized assets, and the required tax guarantees for deadline extensions and deferments will be waived as much as possible.
For farmers, fishers, and fruit growers who have received prior notice of a tax audit or are currently undergoing an audit, the NTS will postpone these audits. If any international refund amounts arise, they will be returned promptly, and businesses that have suffered losses of 20% or more on business assets will receive tax credits on their expected income tax or corporate tax in proportion to those losses.
Taxpayers seeking tax relief can apply at the Andong Tax Office or through mail and the Home Tax system.
An NTS official stated, "We will provide maximum tax relief within the legal framework to taxpayers facing significant difficulties due to management crises, even outside of special disaster areas."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.