Four days extension of the deadline for payment of VAT return "27th (Mon) → 31st (Fri)"

The deadline for payment of the value-added tax return in January, when the business performance is finally reported in 2024, will be extended by four days from January 27 to 31.

The National Tax Service accepted the Korean Tax Society's request to extend the deadline, allowing all businesses, including nearly 8.5 million small and medium-sized enterprises and small business owners, who have to pay VAT, to ease their difficulties.

The Korean Tax Association officially suggested last month that the deadline for reporting VAT, Jan. 27, is a "sandwich day" between holidays and Lunar New Year holidays, making it difficult to file taxes because many businesses are closed.

The National Tax Service said it has decided to accept the proposal from the Korean tax society for a warm clean-up that reflects the difficulties of companies and people in the national crisis.

Koo Jae-yi, chairman of the Tax Society, said, "I would be happy to help tax accountants as well as small and medium-sized businesses and small business owners in need by extending the deadline for reporting their last business performance ahead of the one-year settlement."