Hong Nam-ki: "Preemptive Block on Large-Scale Overseas Export of Masks and Hand Sanitizers... Corporate Tax Payment Extended by 9 Months (Update)"

'The 3rd New Coronavirus Response Economic Ministers' Meeting and Economic Vitality Measures Meeting'
24-Hour Customs Clearance Support System Implemented

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 5th, "If a large quantity of masks or hand sanitizers exceeding 1,000 units or 2 million KRW is exported abroad, we will convert the simplified export procedure into a formal export procedure to preemptively block large-scale overseas exports."

Deputy Prime Minister Hong made this announcement at the 3rd Economic Ministers' Meeting on the Response to the Novel Coronavirus Infection (Wuhan Pneumonia) and the Economic Vitality Measures Meeting held at the Government Seoul Office.

He emphasized, "If it is suspected that the goods under export inspection have been stockpiled through hoarding, customs clearance will be withheld and a report for prosecution will be requested."

The government plans to activate task forces (TF) for countermeasures in each ministry. He said, "We are reviewing support measures by industry and sector," adding, "To ease the burden on self-employed individuals and small and medium-sized enterprises, we will discuss and immediately implement tax and customs clearance support measures in domestic taxes, local taxes, and customs."

At the meeting, discussions were held on ▲response measures by sector for the novel coronavirus ▲detailed implementation plans for regulatory innovation in 10 major areas across 5 sectors ▲support plans for modernization of coastal passenger and cargo ships.

Deputy Prime Minister Hong mentioned, "For taxpayers such as those in tourism, food service, lodging, and self-employment who have suffered damage due to this incident, the deadlines for filing and payment of corporate tax and value-added tax will be extended by up to 9 months." He added, "National tax collection will be deferred for up to 9 months, and enforcement of delinquent tax collection will be postponed for up to 1 year."

In addition, tax audits on affected taxpayers will be suspended in principle. Hong stated, "If a tax audit has been pre-notified or is in progress, it will be postponed or suspended upon the taxpayer's request to alleviate tax administration burdens."

He also added, "Tax audits will be deferred for the period determined by local government heads."

Furthermore, for companies suffering from supply and export disruptions of raw and subsidiary materials due to factory closures in China, a 24-hour customs support system will be operated to expedite processing from the import to the export of raw and subsidiary materials.

This content was produced with the assistance of AI translation services.