Corporate VAT Returns for Q3 Due by October 26... Deadlines Extended for Businesses Affected by Heavy Rains and Homeplus

The National Tax Service (NTS) announced that 627,000 corporate businesses subject to value-added tax (VAT) must file and pay their VAT for the third quarter (July to September) performance of this year by October 26.

Eligible filers can file more easily and quickly using the "pre-filled" service on the Hometax VAT filing screen, which is populated with data such as sales and purchase tax amounts.

The Hometax "Filing Assistance Service" provides a faithful filing checklist, an analysis of past filing details, and tax law revisions for all target corporations.

For 230,000 corporations, additional analytical data reflecting individual business performance are provided.

The 2.23 million individual general taxpayers and 190,000 small corporations do not need to file interim returns; instead, they can pay the interim notice tax amount equivalent to one-half of the tax paid in the previous tax period.

However, if sales or tax payments for the third quarter fall below one-third of those from the previous tax period, or if grounds for early refunds arise, interim returns can be filed.

The NTS emphasized, "Due to concerns over delayed delivery of interim tax notices caused by concentrated holidays in early October, the payment deadline has been collectively extended to the end of this month," adding, "However, because of intervening holidays, the actual payment deadline will be November 2."

The NTS is automatically extending the interim return and payment deadlines until December 28—an extension of about two months—for 36,000 businesses located in heavy rain-affected areas such as Andong, Uiseong, Geoje, Tongyeong, and Yeonggwang, as well as 1,000 Homeplus tenant, supplier, and partner businesses.

If tax support targets such as small and medium-sized enterprises apply for early refunds within the filing deadline, they are scheduled to be paid by November 4, which is 6 days ahead of the statutory deadline.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.