National Tax Service Establishes Systematic Tax Support for Small Businesses and Traditional Markets Affected by COVID-19

Signed a Business Agreement with the Small Enterprise and Market Service

Kim Hyun-jun, Commissioner of the National Tax Service (right), and Cho Bong-hwan, President of the Small Enterprise and Market Service, are taking a commemorative photo after signing a Memorandum of Understanding (MOU) to support the sustainable growth of small business owners and traditional markets at the headquarters of the Small Enterprise and Market Service in Daejeon Metropolitan City.

[Asia Economy Reporter Kwangho Lee] The National Tax Service (NTS) announced on the 19th that it has signed a memorandum of understanding (MOU) with the Small Enterprise and Market Service to promptly and systematically support approximately 6.36 million small business owners and 360,000 traditional market merchants nationwide who are experiencing business difficulties due to the recent spread of the novel coronavirus (COVID-19) from a tax administration perspective.

Through this agreement, both organizations agreed to mutually cooperate on collecting and addressing tax-related difficulties faced by small business owners and traditional market merchants, as well as providing NTS statistical data that can be utilized by the Small Enterprise and Market Service.

Additionally, the entrepreneurship and business recovery training programs hosted by the Service and the taxpayer tax law classes hosted by the NTS will incorporate each other's educational content, and the instructors for the added courses will be mutually supported.

Furthermore, both organizations will jointly promote their support policies through published booklets and websites, and will strengthen other initiatives such as traditional market shopping campaigns, establishment of on-site consultation desks, and provision of outreach services to revitalize traditional markets.

Moreover, starting from this day, the NTS has immediately improved the system to allow the Small Enterprise and Market Service to directly access necessary national tax certification documents (such as business registration certificates, value-added tax standard certificates, standard financial statement certificates, and tax payment certificates) required for small business owners affected by COVID-19 to apply for policy funds through the administrative information sharing network, thereby eliminating the inconvenience of affected small business owners having to visit tax offices.

Kim Hyun-joon, Commissioner of the National Tax Service, stated, "I hope this agreement will serve as an opportunity for both organizations to make greater efforts to support the continuous growth of small business owners and traditional market merchants and to revitalize the livelihood economy." He added, "We plan to promote the signing of agreements with six regional headquarters affiliated with the local tax offices and the Small Enterprise and Market Service, and will continue to strengthen tax administration support for small business owners and traditional market merchants."

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