(Sejong = Yonhap News) Reporter Min Kyung-rak: The National Tax Service announced on the 1st that corporations with a December year-end must report and pay their corporate tax interim prepayment for the first half of this year by the first of next month.
The number of corporations with a December year-end required to make interim prepayments has increased by about 11,000 to 528,000 compared to last year.
Starting this year, approximately 2,600 corporations belonging to publicly disclosed enterprise groups (excluding small and medium-sized enterprises) must provisionally calculate and report/pay their corporate tax for the interim prepayment period.
Other corporations can pay 50% of the calculated tax amount from the previous business year.
Small and medium-sized enterprises with a calculated tax amount from the previous business year of less than 500,000 won are excluded from the interim prepayment.
If the payable tax amount exceeds 10 million won, part of the tax can be paid in installments.
For 38,800 taxpayers affected by natural disasters or U.S. tariff policies, the payment deadline can be extended by two months without collateral and application procedures.
The National Tax Service intends to accommodate as much as possible corporations that file for an extension due to significant business losses.
The reporting and payment can be done through Hometax. The National Tax Service explained that using services such as the pre-filled service, which automatically calculates interim prepayment amounts, and the interim prepayment amount inquiry service can provide assistance.