On Apr. 3, SK Tax reminded of preliminary VAT filing by Apr. 25, 2025.
SK Tax issued guidelines for preliminary VAT filing for H1 2025 due Apr. 25, 2025.
Follows SK Tax Jan. 2025 reminded of VAT declaration due Jan. 31, see #239447.
Outline of Guidelines
VAT notice for H1 2025 was sent to 2.48mn businesses, including 180k small corporate businesses whose total supply price for Jul.-Dec. 2024 is less than KRW 150mn.
However, where the sales or tax payable amount for three months is less than 1/3 of the previous tax period or an early refund occurs, a preliminary filing may be made.
650k VAT-taxable businesses must file/pay VAT for business performance between Jan. 1 and Mar. 31, 2025 by Apr. 25, 2025, based on SK Tax's tailored support materials.
SK Tax will extend payment deadlines/pay tax refunds earlier to SMEs/exporters but also to businesses experiencing difficulties due to disasters and rising exchange rates.
For businesses in the areas which were declared as special disaster areas due to wildfire damage, SK Tax will exclude them from preliminary notice and extend the payment deadline by two months ex officio where they have made a preliminary filing.
Where tax support recipients apply for early refunds within the filing period, payment will be made by May 2, 8 days earlier than the statutory payment deadline (May 10).
Where business operators experiencing management difficulties apply for an extension of the tax payment deadline, the deadline will be extended for up to nine months.
SK Tax warned against dishonest filings, citing 2.7k business operators having filed returns falsely in 2024 and thereby having paid KRW 35.9bn worth of additional taxes.
