National Tax Service Implements 'SME Tax Consulting System'... "Don't Worry About Tax Concerns"

[Asia Economy Reporter Kwangho Lee] The National Tax Service announced on the 12th that starting from July this year, it will implement the 'Small and Medium Enterprise (SME) Tax Consulting System,' which provides customized consulting for each company to help small and medium-sized enterprises resolve uncertainties related to tax audits and investigations in advance.

The SME Tax Consulting System is designed to support the growth of companies by providing tailored consulting to small and medium-sized enterprises to resolve uncertainties regarding tax audits and investigations in advance.

Corporate businesses classified as small and medium-sized enterprises with revenue between 10 billion and less than 100 billion KRW based on the previous fiscal year can apply. However, cases involving tax evasion activities such as tax crime punishment or nominee trust will be excluded.

Priority will be given to innovative SMEs, companies related to the 4th Industrial Revolution, and root companies with high growth potential for support.

Tax consulting will be provided for 1 to 2 years, including pre-review of corporate tax issues, guidance on tax benefits that companies may easily overlook, and resolution of tax-related difficulties. Regular tax consulting will be conducted once a year, but occasional consulting will also be available upon request from the target companies.

Companies can receive integrated taxpayer services such as priority review of research and development (R&D) pre-assessments, processing of tax data and correction claims, and other tax base management tasks. For corporations that wish, there is also a benefit of exemption from regular tax audits for the verified fiscal years if they undergo a diligent reporting verification and are recognized as compliant taxpayers.

Corporations wishing to apply for tax consulting can submit their applications by mail or visit the corporate tax department of the local regional tax office or use the Hometax system from the 1st of next month until June 1st.

A National Tax Service official stated, "We will strive to support tax administration so that SMEs can grow soundly into mid-sized companies by actively communicating during the consulting process to identify and improve difficulties."

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