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On the 25th, the National Revenue Service announced, “We sent 4.2687 million won tax invoices to 74,000 people.” The number of notified persons increased by 149,000 (25%) from last year, and the amount of the notified tax increased by 9216 billion won (27.5%) from the previous year. The National Tax Service predicted that “the tax amount on the invoice will be reduced by approximately 10% due to the taxpayer’s exclusion statement,” and “the total amount of the tax will reach 3.8 trillion won.
There were 667,000 people subject to the housing tax, 147,000 people (28.3%) compared to the previous year, and the tax amount was 1,814.8 billion won, an increase of 545 billion won (42 , 9%) compared to the previous year. The total tax for the total land and the separate total land portion was 2,453.9 billion won for 98,000 people.
The tax is due on December 15. If the amount of the tax exceeds 2.5 million won, it can be paid in installments over 6 months until June 15, 2021 without additional interest. Eligible individuals can request installment payments on the Hometax website and the ‘Ontax’ mobile app, and pay the total billed tax amount minus the fee amount.
If 4 million won is announced, 2.5 million won will be paid out before December 15, and the remaining 1.5 million won will be distributed in 6 months. If you are not eligible for installment payment, you can pay the full amount of tax on the invoice. Hometax and Sontax electronic payments, national taxes and virtual account transfer can be used. After the payment deadline date (December 15), a 3% late payment tax applies. If the tax amount is more than 1 million won, the payment term ends and 0.025% late payment tax is added every 5 years.
On the other hand, if the content of the tax notification is different from the facts, you can voluntarily declare and pay the tax at any time during the payment period. This can be reflected even in the case of not reporting the exclusion of the sum. However, if the reported voluntary tax amount does not meet the legal requirements, an additional tax must be paid and a thorough verification is required.
The National Tax Service requested an electronic report for fear of the spread of a new coronavirus infection (Corona 19). If a written report is unavoidable, you can download the form from the National Revenue Service website and mail it in or visit the appropriate tax office. If you are experiencing financial difficulties due to Corona 19, etc., you can request a delay in payment or an extension of the payment term. In this way, the IRS has delayed the payment term up to nine months. Taxpayers wishing to receive cleanup assistance can notify them online through Hometax or Sontax by December 14, or submit an application by mail or in person at their local tax office.
