2023 Annual Corporate Income Tax Return Filing (due filing by April 1, 2024 for December 31 fiscal year-end)

Under the Corporate Income Tax Law (“CITL”), a company having a fiscal year ended December 31, 2023 should file 2023 annual corporate income tax return by April 1, 2024 (as March 31 falls on weekend) 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 (provincial) 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 SME)
● 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 SME)

(*) 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
Over KRW 10 million ~ up to 20 million	2nd installment	Excess over 10 million
Over KRW 20 million	1st installment	50% or more of taxes payable
Over KRW 20 million	2nd installment	Remaining balance

(**) Installment payment is not applicable for local income tax.