Flood-hit taxpayers get tax payment, audit relief

Korea's tax agency said Monday it will provide tax relief to taxpayers affected by recent downpours in parts of South Gyeongsang, including extensions of payment deadlines and deferrals of tax audits.

The National Tax Service (NTS) said the move came after the government last week designated Geoje and Tongyeong in South Gyeongsang as special disaster zones eligible for government support following torrential rains.

"We plan to extend the payment deadlines for corporate tax, value-added tax and comprehensive income tax by up to two years upon request from taxpayers affected by the torrential rains," the agency said.

The NTS will automatically extend the deadline for interim corporate tax payments originally due by the end of August by two months to Nov. 2, without requiring affected companies in the region to apply.

The agency will delay tax audits for taxpayers in the fisheries, tourism and shipbuilding industries as well.

"The NTS will continue to provide support to taxpayers facing difficulties due to the rains, including those outside the special disaster zones, to the fullest extent permitted by law," it added.

Yonhap