If capital gains were generated from overseas stocks or derivatives transactions last year, both the capital gains tax return and payment must be completed within this month.
Even if you transfer assets subject to the progressive tax rate of capital gains tax, such as real estate or stocks twice or more, and do not report the total amount of income, you are subject to reporting and payment.
In the case of stocks, all stocks issued by foreign corporations or listed on foreign markets fall within the scope of taxation, and domestic stocks are traded in unlisted stocks or major shareholders who hold more than a certain amount of listed stocks (stock holdings of KRW 1 billion or more, equity ratio of 1-4% above), only transactions are subject to tax.
If it is transferred after January 1, 2020, the profit and loss of domestic and overseas stocks can be aggregated, and the combined profit and loss is taxed on an amount exceeding 2.5 million won per year.
For derivatives, income is calculated on domestic and foreign derivatives, but not with the amount of capital gains from other assets.
Applicants may submit a written return to the tax office having jurisdiction over their address or submit an electronic return through Hometax or Sontax.
The National Tax Service will extend the deadline for paying capital gains tax within 3 months for taxpayers who have suffered a sharp drop in sales due to COVID-19 or who have suffered wildfire damage in special disaster areas such as Uljin and Samcheok, but will further extend the deadline to a maximum of 9 months.
However, if you do not report by the final return deadline, a penalty of 20% will be charged, and if you file a false report, a penalty of 40% will be charged.
Even if you do not pay your tax, you may be subject to a late payment penalty of 0.022% of the unpaid amount per day.