Corporate Income Tax Extended One More Year

Prime Minister agreed to extend corporate income tax payment in 2011 for labour-intensive companies.

 

According to his decision, enterprises with an average of 300 employees during 2011, not counting workers with contracts of three months or less, as well as co-operatives lawfully established and operating which have revenue from the production or processing of agricultural, wood, seafood, garment, footwear, or electronic products, or from development, construction, and installation of infrastructure works, have the right to delay payment of 2011 corporate income taxes for one year from the due date.

 

Accordingly, corporate income tax in the first quarter of 2011 shall be settled before April 30, 2012; tax in the second quarter of 2011 shall be cleared before July 30, 2012; slow third quarter of 2011; tax in the third quarter of 2011 shall be paid before October 30, 2012; and tax in the fourth quarter of 2011 shall be settled before March 31, 2013.

 

This decision takes effect on November 30, 2011.