On June 19, 2018, the government approved the bill to amend the Presidential Decrees of the Basic National Tax Law and the National Tax Collection Law. This amendment was announced and became effective from June 26, 2018. The major changes to the laws are as follows:
Currently an extension period of nine months to a maximum 1 year is allowed to companies under certain limited circumstances.
Under the amended laws, however, extension periods of payment due date as well as extension of reprieve period for tax collection and disposition for failure in tax payment of Small and Medium Enterprise (‘SME’) in “disaster regions” (defined) will be expanded as follows.