Article 131Deferring Payment of Taxes That Are to Be Paid Upon Filing

①If a Resident filing a return under Article 120, paragraph (1) (Filing Income Tax Returns) pays income taxes to the national government which are equivalent to at least 50% of the income taxes payable pursuant to the provisions of Article 128 (Payment upon Filing) by the payment due date under Article 128 (or if the Resident submits a paper-based application as referred to in Article 133, paragraph (1) (Process for Deferring Tax Payments connected with Assets Transferred on a Deferred-Payment Basis) and the amount the Resident pays by the due date is at least 50% of the income taxes payable less the amount that the paper-based application states as the part of the income taxes payable whose payment the Resident seeks to defer as referred to in Article 133, paragraph (1)), the Resident may defer the payment of the remaining amount until May 31 of the year in which the Resident has made that first payment by the due date.

②The preceding paragraph applies only if the Resident filing a return as prescribed in that paragraph submits a tax payment deferment notice by the payment due date prescribed in that paragraph to the competent district tax office director for the locality in which the Resident pays taxes, indicating the amount of tax payable pursuant to the provisions of Article 128 and the part of the tax payable that the Resident will pay by the due date, and giving the information prescribed by Ministry of Finance Order.

③A Resident applying the provisions of paragraph (1) must pay the income taxes whose payment is subject to a deferment under the provisions of that paragraph, along with a tax levied as interest in an amount equivalent to that arrived at when the income taxes whose payment is deferred are multiplied by an annual rate of 7.3%, based on the number of days in the deferment period.