The National Tax Service (NTS) will extend the tax filing and payment deadlines for residents of Baeksu-eup in Yeonggwang County, who were affected by heavy rainfall, by up to two years. The NTS will also suspend property seizures and sales, as well as tax audits, and expedite the payment of tax refunds to support recovery efforts.
On September 18, the NTS announced that this tax relief measure follows the designation of Baeksu-eup as a special disaster area due to the severe flooding that occurred at the end of last month.
Taxpayers affected by the disaster can apply for an extension of deadlines for corporate tax, value-added tax, and comprehensive income tax filings and payments, with extensions available for up to two years. Those who have already received tax bills can also request an extension on their payment deadlines.
Taxpayers with outstanding debts can defer property seizures and sales for up to two years. When applying for deadline extensions or deferrals of seizures and sales, taxpayers may also be exempted from providing collateral.
For farmers and fishery operators who have received prior notice of tax audits or are currently undergoing audits, the NTS will postpone these audits unless the taxpayer requests otherwise. Tax refunds will be processed as quickly as possible when applicable.
Businesses that have lost more than 20% of their assets due to the flooding may be eligible for disaster loss tax deductions on income tax or corporate tax, based on the percentage of asset loss. To qualify for these deductions, taxpayers must submit their applications by the relevant tax filing deadlines.
The NTS has established a dedicated support center for flood-affected taxpayers at the local tax office in charge of the area to assist with inquiries and applications. Affected taxpayers can apply for support through the dedicated center, by mail, or via the Home Tax system.
In addition to the special disaster area, the NTS plans to provide tax relief to taxpayers facing difficulties due to flooding, within the limits allowed by law.
* This article has been translated by AI.
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