Tax agency to extend payment deadlines, delay audits for flood-hit taxpayers

Seoul, August 24 - The South Korean tax agency announced on Monday plans to offer relief to taxpayers impacted by recent heavy rains in South Gyeongsang Province. The National Tax Service (NTS) will extend payment deadlines for various taxes by up to two years if requested by affected taxpayers. For corporate taxes, value-added tax, and comprehensive income tax, the agency will grant an additional two-month extension, effective November 2, without requiring affected businesses in the region to apply.

Moreover, the NTS will postpone tax audits for businesses in the fisheries, tourism, and shipbuilding sectors. The agency emphasized that it will continue to provide support to taxpayers facing challenges due to the floods, including those outside the designated special disaster zones, within the limits of the law.