National Tax Service Extends VAT Payment Deadline for Small and Micro Businesses

• The National Tax Service has extended the deadline for value-added tax payment for 1.28 million small and micro businesses.
• The deadline for VAT declaration is January 25th, and the payment deadline is extended by 2 months until March 25th for small businesses facing financial difficulties.
• The extension applies to about 200,000 construction and manufacturing small businesses affected by high interest rates and real estate market downturn, as well as about 150,000 individuals and 50,000 corporations with declining sales.
• It also applies to about 1.08 million personal business owners in the food, retail, and accommodation industries facing difficulties due to weak domestic consumption.
• The National Tax Service will send mobile notifications containing this information to eligible businesses.
• Taxpayers can check if they are eligible for the extension when filing their declaration, and even if a tax agent files on their behalf, the payment deadline will be printed as March 25, 2024.
• Businesses that have suffered losses and need an extension must apply for the extension within the specified period through online platforms or by mail.
• The application process for the extension can be done through the Home Tax or Mobile Tax platforms.

Source: m.webzine.kacpta.or.kr

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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