On Oct. 8, SK Tax reminded of value-added tax payment by Oct. 25.
SK Tax issued guidelines for value-added tax declaration and payment due Oct. 25.
Payment Requirements
SK Tax will send a total of 2.38mn business operators a notification on a preliminary tax amount, which requires them to pay value-added tax by Oct. 25, 2024.
For taxpayers whose estimated tax is less than KRW 500k, the notification will not be sent, instead must report and pay VAT from Jan. 1, 2025 until Jan. 27, 2025.
However, where a business is sluggish or an early refund occurs, taxpayers may file a preliminary VAT declaration, then the notified preliminary tax amount will be canceled.
A total of 620k firms must file and pay preliminary VAT for H2 2024 by Oct. 25, 2024.
Support Measures
In order to improve corporate liquidity and support exports and investments, exporters and SMEs will receive early refunds if they file an early refund by the deadline.
Where there is no suspicion of unfair refund, payment will be made by Nov. 4, 2024.
If a business experiencing management difficulties due to a disaster/significant business loss, SK Tax will extend the deadline by up to 9 months upon application.
After tax declaration, SK Tax will analyze reports and verify insincere tax reports.
