South Korea’s National Tax Service (NTS) will provide expanded tax relief to taxpayers in special disaster zones in Geoje and Tongyeong, South Gyeongsang Province, including the flood-hit Sanyang-eup and Bongpyeong-dong areas. Upon application, filing and payment deadlines for corporate tax, value-added tax and comprehensive income tax may be extended by up to two years. Interim corporate tax prepayments due at the end of August will be automatically deferred by two months to Nov. 2 for corporations, without an application. Other assessed national taxes, seizure measures and sales of seized property may also be deferred for up to two years upon request, with tax collateral requirements waived as far as possible. Tax audits will be postponed for companies in the fisheries, tourism and shipbuilding sectors, refunds will be paid as early as possible, and business owners who lost at least 20% of their assets to flooding may claim proportional income or corporate tax credits by applying within three months of the disaster.