2021 Annual Corporate Income Tax Return Filing (due filing by March 31, 2022 for December 31 fiscal year-end)
l 2021 Annual Corporate Income Tax and Local Income Tax Returns Filing Deadlines
Under the CITL, a company having a fiscal year ended December 31, 2021 should file the 2021 annual corporate income tax return by March 31, 2022 together with necessary tax payments thereof.
In this connection, we summarized the due dates of tax return filing and necessary tax payment related to corporate income tax and local income tax as follows:
In principle, annual/interim corporate income tax and local income tax returns are due filing together with tax payment as given below:
|
Tax returns |
Filing due dates |
|
● Annual corporate income tax return |
- Within 3 months from the fiscal year-end |
|
● Interim corporate income tax return |
- Within 2 months after the first 6 months of each fiscal year |
|
● Annual local income tax return |
- Within 4 months after the fiscal year-end |
If the annual/interim corporate income taxes payable are over KRW 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 months from the end of interim period |
|
- 2nd installment (*) |
- Within 1 month from 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 KRW 10 million ~ up to 20 million |
1st installment |
10 million |
|
2nd installment |
Excess over 10 million |
|
|
Over KRW 20 million
|
1st installment |
50% or more of taxes payable |
|
2nd installment |
Remaining balance |
(**) Installment payment is not applicable for local income tax.