There are quite many kind of taxes in Korea, and every taxes have filing and payment due. you should file tax return and pay taxes by due date. if you fail to meet the deadline, there are penalty. Therefore knowing due date of each taxes are crucial.
Today, I'm going to explain tax deadline of each tax based on each tax law's article.
1.Withholding tax
->A withholding agent shall pay the income tax withheld to the competent tax office, the Bank of Korea or a postal service office by no later than the 10th day of the month following the month to which the date of collection belongs, as prescribed by Presidential Decree(Article 128 (Payment of Withholding Tax))
※Example
Payment day : 3/25
WHT due dates : 4/10
2.Value added tax
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Classification
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Return period
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First period
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From January 1 until March 31 -> By April 25th
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Second period
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From April 1 until Jun 30 -> By July 25th
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Third period
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from July 1 until Sep 30 ->By Oct 25th
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Fourth period
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rom Oct 1 until Dec 30 ->By Jan 25th(following year)
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3.Corporate income tax
->A domestic corporation liable to pay tax shall file a report on the corporate tax base and the tax payable on income for the relevant business year within three months (four months where a domestic corporation submits a certificate of confirmation of compliant filing pursuant to the main sentence of Article 60-2 (1)) from the end date of the month in which the end date of each business year falls, to the head of the tax office having jurisdiction over the place of tax payment, as prescribed by Presidential Decre
(Article 60 (Filing Reports on Tax Bases))
※Example
Business year 1.1~12.31
CIT due dates : 3.31 (next year)
4.Income tax (individual business)
->Any resident (including a resident with no tax base for global income or any loss) with the amount of global income in the relevant taxable period shall file a return on the tax base of such global income with the head of a tax office having jurisdiction over the place for tax payment, from May 1 to May 31 in the year following such taxable period, as prescribed by Presidential Decree
(Article 70 (Final Return on Tax Base of Global Income)
5.Capital gains
5-1.Income generated from transferring Land/Rights to acquire real estate/Superficies/Rights to lease on a deposit basis and leasehold interest on real estate registered/Businee right/Rights to use, membership, and other rights
->Two months from the last day of the month in which an asset is transferred,
※Example
transferred day : 4/11
Capital gains tax due dates : 6/30
5-2.Income generated from transferring any of the stocks
->Two months from the end of the half-year in which the resident transfers an asset,
※Example
transferred day : 4/11
Capital gains tax due dates : 8/31
(Article 105 (Preliminary Return on Tax Base of Capital Gains))
6.Gift tax
->A person under an obligation to pay gift tax pursuant to Article 4-2 shall file the taxable value of gift and gift tax base under Articles 47 and 55 (1) to the head of a tax office having jurisdiction over the place of payment of tax within three months from the last day of the month in which the date of donation falls, as prescribed by Presidential Decree: Provided, That the deadline to file adjusted gift tax base following the listing of unlisted stocks or merger, etc. of corporations pursuant to Articles 41-3 and 41-5 shall be the day three months from the last day of the month in which the adjustment base date falls, and the deadline to file gift tax base under Articles 45-3 and 45-5 shall be the day three months from the last day of the month in which the deadline to file tax base under Article 60 (1) of the Corporate Tax Act by a beneficiary corporation or a specific corporation falls
(Article 68 (Gift Tax Base Return))
※Example
Date of donation falls : 4/11
Gift tax due dates : 7/31
7.inhritance tax
->An heir or a legatee under an obligation to pay inheritance tax pursuant to Article 3-2 shall file the taxable value of inheritance and inheritance tax base under Articles 13 and 25 (1) to the head of a tax office having jurisdiction over the place of payment of tax within six months from the last day of the month in which the commencement date of the inheritance falls, as prescribed by Presidential Decree.
(Article 67 (Inheritance Tax Base Return)
※Example
Date of inferitance falls : 4/11
Gift tax due dates : 11/30
Thank you for read my article! I hope it helps.
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G-tax / Certified Tax Accountant / Steven Yang
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steven@g-tax.kr
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