National Tax Service Signs Business Agreement with Small and Medium Business Distribution Center

Kim Hyun-jun, head of the National Sports Promotion Agency (right), is taking a commemorative photo after signing a business agreement.

[Asia Economy Reporter Kwangho Lee] On the 9th, the National Tax Service announced that it signed a Memorandum of Understanding (MOU) with the Small and Medium Business Distribution Center to promote a culture of sincere tax payment through the activation of tax points and to support small and medium-sized enterprises (SMEs) struggling due to the novel coronavirus infection (COVID-19).

Until now, tax points were only used to exempt taxpayers from providing tax guarantees when applying for tax deferral (extension of payment deadline or collection deferral) due to cash flow difficulties. However, through this agreement, an online discount shopping mall for tax points (tentative name) will be established, allowing taxpayers to use their tax points not only for exemption from providing tax guarantees but also to purchase SME products at a discount.

Furthermore, the Small and Medium Business Distribution Center will continuously collect tax-related difficulties and suggestions from SMEs and deliver them to the National Tax Service. The National Tax Service will establish a two-way communication system to promptly provide SMEs with various tax support systems and policy information necessary for their business.

Kim Hyun-joon, Commissioner of the National Tax Service, said, "I hope this agreement will reward the public for their sincere tax payments and help SMEs overcome the difficulties caused by COVID-19, even if only a little." He added, "The National Tax Service will continue to pursue various benefit plans through tax points."

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