South Korean households that missed the regular earned-income tax credit application window have until November 30 to submit a late application, according to an October 13 Maeil Shinmun report. Successful late applicants receive 95 percent of the calculated benefit rather than the full amount.
The report cited tax-agency figures showing that 243,000 households did not apply for benefits linked to the preceding tax year, with 222 billion won potentially unclaimed. The deadline matters most to eligible families who assume that missing the first window means the support is lost entirely. Eligibility and the final amount are determined by the National Tax Service.