5 Questions 5 Answers About Financial and Judicial Holidays

Question 1: Can you provide a brief overview of financial holiday regulations? Answer: The submission and payment deadlines for tax returns that should be filed during the financial holiday period (which falls between July 4th and July 20th, with the final day being July 20th) are affected by the financial holiday. The deadline for submitting these tax returns will be extended for 7 days from the last day of the financial holiday (until the evening of July 27, 2023).

Similarly, the payment deadline for these taxes, which have an extended submission period due to the financial holiday, is considered to be extended until the end of business hours on the day following the extended submission deadline (subject to the condition that it remains within the same month). Therefore, for taxes related to tax returns with extended submission deadlines until July 27, 2023, it is mandatory to make the payments by the end of business hours on July 28, 2023.

Taxpayers who wish to do so can submit their returns and make their payments within the regular deadlines.

The submission and payment deadlines for withholding tax, stamp duty, and accommodation tax returns for June will not be affected by the financial holiday, with the final day being July 26, 2023.

The submission and payment deadlines for VAT returns for the June period will also not be affected by the financial holiday this year. The VAT related to the June 2023 period must be declared and paid by July 28, 2023 (including this date).

Question 2: Can you provide a brief overview of the start and end dates of the judicial holiday? Answer: The judicial holiday, also known as the suspension of work, begins on July 20th and ends on August 31st. During the judicial holiday, the deadlines for filing tax cancellation lawsuits and other legal actions are extended. For example, if a taxpayer received a tax or penalty assessment notice on June 25th in administrative litigation, the deadline for filing a cancellation lawsuit in this regard would be extended until August 31st.

Question 3: Can you provide information about situations where the financial holiday and judicial holiday coincide? Answer: The financial holiday starts this year on July 4th and ends on July 20th. During this time, both tax-related and legal deadlines are extended. The judicial holiday, on the other hand, starts on July 20th and ends on August 31st. Therefore, the judicial holiday comes into effect immediately after the financial holiday. During the judicial holiday, the deadlines for filing lawsuits are extended. However, the deadlines for appeals, objections, appeals to regional courts, and requests for correction of decisions are not affected by the judicial holiday.

Question 4: What is the impact of the financial holiday on accounting practices and tax payments? Answer: The submission and payment deadlines for tax returns that should be filed during the financial holiday period (which falls between July 4th and July 20th, with the final day being July 20th) are affected by the financial holiday. The deadline for submitting these tax returns will be extended for 7 days from the last day of the financial holiday (until the evening of July 27, 2023).

Similarly, the payment deadline for these taxes, which have an extended submission period due to the financial holiday, is considered to be extended until the end of business hours on the day following the extended submission deadline. Therefore, for taxes related to tax returns with extended submission deadlines until July 27, 2023, it is mandatory to make the payments by the end of business hours on July 28, 2023.

Taxpayers who wish to do so can submit their returns within the regular deadlines and make their payments accordingly.

The submission and payment deadlines for withholding tax, stamp duty, and accommodation tax returns for June will not be affected by the financial holiday.

The submission and payment deadlines for VAT returns for the June period will also not be affected by the financial holiday this year. The VAT related to the June 2023 period must be declared and paid by July 28, 2023 (including this date).

Question 5: How will administrative deadlines be affected during the financial holiday? Answer: For assessments made by supplementation, ex officio, or by the administration, the payment deadlines for taxes, duties, tax penalties, and late payment interest that fall on the last day (due date) of the financial holiday (between July 4th and July 20th) will be extended for 7 days (until July 27, 2023).

If the last day of the period for requesting reconciliation or requesting a reduction in penalties coincides with the financial holiday, the deadlines will also be extended until July 27, 2023.

If the last day of the period for providing information requested by the Ministry of Treasury and Finance or tax offices under the “continuous information provision” provisions coincides with the financial holiday, the deadline will be extended until July 27, 2023.

On the other hand, the following deadlines will not be affected by the financial holiday:

• Accounting record deadlines
• Reporting deadlines
• Deadlines for filing lawsuits against assessments made by supplementation, ex officio, or by the administration (Since there is no mention of lawsuits related to collection in the law, it is understood that the financial holiday does not affect lawsuits filed against payment orders. It is also believed that the deadlines for ongoing lawsuits, appeals, and responses are not extended due to the financial holiday. Therefore, it is recommended to disregard the financial holiday for these processes.)

These deadlines that are paused (not in effect) during the financial holiday will resume from where they left off after the end of the financial holiday.