The National Tax Service said on May 4 that anyone who sold real estate or stocks last year and did not file a preliminary return, or generated capital gains from overseas stock or derivative transactions, must file and pay capital gains tax by July 1.
That day, the National Tax Service sent mobile guidance notices on capital gains tax filing to about 220,000 taxpayers subject to final returns. Of the 220,000, those liable due to overseas stock transactions were the most at 182,000. Domestic stocks accounted for 16,000, derivatives 11,000, and real estate 10,000.
Filings and payments can be made electronically using Hometax (PC) or Sontax (mobile). You may also prepare the return on paper and submit it to the tax office with jurisdiction over your address. If the tax due is more than 10 million won and up to 20 million won, you may pay the portion exceeding 10 million won in installments by Aug. 3; if it exceeds 20 million won, you may pay 50% of the total tax by Aug. 3.
If a person subject to a final return does not file capital gains tax by July 1, a 20% additional tax will be imposed on the unpaid amount due to non-filing. If the tax is not paid, a late payment additional tax of 0.022% per day will be added to the unpaid tax.
The National Tax Service said, "We will closely analyze actual real estate transaction data and fund flows, and will track down to the end any transactions suspected of evasion and collect all evaded taxes without exception."