Under the CITL, a company having a fiscal year ended December 31, 2016 should file the FY2016 annual corporate income tax return before March 31, 2017.
In this connection, we summarized the due dates of tax return filing and tax payment related to corporate income tax and local income tax as follows:
In principle, annual/interim corporate tax income tax and local income tax returns are due filing together with tax payment as below:
Tax returns |
Filing due dates |
●Annual corporate income tax return |
Within 3 monthsfrom the fiscal year-end |
●Interim corporate income tax return |
Within 2 monthsafter the first 6 months of each fiscal year |
●Annual local income tax return (assessed at 10% on corporate income taxes and the return should be filed with the district ku-office) |
Within 4 monthsafter the fiscal year-end (Installment is not applicable for local income taxes) |
If the annual/interim corporation taxes payable are over Won 10 million, companies are allowed to make tax payments in 2 installments as below:
Tax returns |
Payment due dates |
●Annual corporate income tax return |
|
- 1st installment (*) |
Within 3 months from the fiscal year-end |
- 2nd installment (*) |
Within 1 month from the end of the filing due date (within 2 months for a small and medium-sized company) |
●Interim corporate income tax return |
|
- 1st installment (*) |
Within 2 monthsfrom the fiscal year-end |
- 2nd installment (*) |
Within 1 monthfrom the end of the filing due date (within 2 months for a small and medium-sized company) |
(*) The amount of installments shall be determined as follows:
If total taxes payable is: |
|
Installment payments can be broken down as below: |
Over Won 10 million ~ up to 20 million |
1st installment |
10 million |
2nd installment |
Excess over 10 million |
|
Over Won 20 million
|
1st installment |
50% or more of taxes payable |
2nd installment |
Remaining 50% balance |