National Tax Service Grants Deferred Tax Collection to 393,336 Small Business Owners and Micro-Entrepreneurs Until June

[Asia Economy Reporter Kwangho Lee] The government will implement a deferral of delinquent tax enforcement for small business owners and micro-entrepreneurs struggling due to the novel coronavirus disease (COVID-19) crisis.

On the 7th, the National Tax Service announced that it will actively provide tax administration support, including deferral of delinquent tax enforcement, for 393,336 small business owners and micro-entrepreneurs until June. The total delinquent amount is 452.3 billion KRW.

For those with delinquent amounts under 5 million KRW, the sale of seized real estate will be postponed or suspended, and all delinquent tax enforcement actions such as new seizures, phone calls, and text message reminders will be deferred until the end of June.

For credit card receivables and client sales receivables already seized, applications for release of seizure will be accepted and actively reviewed if necessary.

Even for those with delinquent amounts over 5 million KRW, taxpayers affected by COVID-19 can apply for deferral of delinquent tax enforcement.

Additionally, the provision of delinquency data for 156,000 new subjects scheduled to be provided to the Korea Credit Information Services in the first quarter of 2020 will also be postponed until the end of June.

Excluded from this deferral are high-income professionals, taxable entertainment venues, real estate rental business operators, and those with delinquent taxes related to property taxes such as transfer, inheritance, and gift taxes.

A National Tax Service official stated, "We are actively supporting the economic recovery of micro taxpayers who are facing difficulties due to unexpected national disasters and other situations," and added, "We will continue to provide tax administration support for taxpayers facing serious business crises."

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