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Guidance on Final Return and Payment of Local Individual Income Tax (Comprehensive Income) in May

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□ The Busan Metropolitan City (Mayor Park Heong-joon) announced that final filing and payment of 2024 local individual income tax (comprehensive income portion) must be completed between May 1 and June 2.

○ For taxpayers subject to verification of faithful filing, the deadline is extended to June 30.

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□ To file, taxpayers must first report their comprehensive income tax through the National Tax Service's Hometax (www.hometax.go.kr) or Sontax (mobile app), and then click the “Move to Local Tax Filing” button to report the local individual income tax via Wetax (www.wetax.go.kr).

○ Taxpayers who received a “pre-filled guidance notice” (모두채움 안내문) that pre-calculates tax items such as the payable amounts for national and local income tax—especially small business operators—can complete their filing by simply paying the amount indicated in the virtual account listed on the notice.

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□ Each district office will operate local individual income tax filing counters throughout May for taxpayers who received the pre-filled notice, to enhance convenience.

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□ The city will also grant a 3-month automatic extension for the payment of local individual income tax until September 1 for export companies and victims/bereaved families of the Jeju Air accident. However, the filing must still be completed by June 2.

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□ Shin Jong-bae, Director of the Tax Administration Division, urged taxpayers to “make use of the convenient and accurate electronic filing system and ensure timely submission and payment.”

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Attachment 1

Overview of Filing Requirements

□ Final Filing of Local Individual Income Tax

• ●Taxpayer: Any individual liable for income tax under the Income Tax Act

• ●Tax Jurisdiction: Place of residence or business establishment at the time of tax liability

• ●Tax Period: January 1 – December 31, 2024 (or until date of death or emigration)

• ●Tax Rate: Progressive rate of 0.6% to 4.5%

• ●Filing Period: May 1 – June 2

• ○For faithful filers: Until June 30

• ●Filing Method: Electronic filing via Wetax (linked from Hometax after income tax filing)

• ○Pre-filled notice recipients may file in person at district offices (with valid ID)

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□ Tax Relief through Deadline Extension

• ●Automatic Extension:

• ○For export companies and Jeju Air accident victims/bereaved families

• ○Local individual income tax payment deadline extended to Sept. 1

• ○Note: For faithful filers, extension is until Sept. 1 from June 30

• ○
  

Target	Original Deadline	Extended Deadline
General	June 2	Sept. 1
Faithful filers	June 30	Sept. 1

• ●Extension upon Request:

• ○Taxpayers not eligible for automatic extension (e.g., financially struggling businesses or those affected by U.S. tariffs) may apply individually for deadline extension, which will be positively considered

• ○Note: Only payment deadline is extended; filing must be completed by the legal due date

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Type	Eligibility Requirements (must file by deadline)	Extension
Automatic	Export SMEs whose export sales exceeded 50% of revenue in 2024, or selected by KOTRA/Customs; Excludes those with over KRW 20 million in financial income	Until Sept. 1
	Victims/bereaved families of the Jeju Air accident	Until Sept. 1
By Request	Businesses with financial hardship, or affected by U.S. tariffs	Case-by-case

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Attachment 2
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