Korea Federation of SMEs Proposes Tax Audit Deferral for SMEs to National Tax Service

[Asia Economy Reporter Moon Hyewon] The Korea Federation of Small and Medium Business (Kbiz) proposed policy tasks such as a temporary suspension of tax audits to alleviate the burden on small and medium enterprises (SMEs) on the 9th.

On the day, Kim Ki-moon, chairman of Kbiz, held a meeting with small business owners invited by the Commissioner of the National Tax Service (NTS) at Kbiz in Yeouido, Seoul, and said, “Policy consideration from the NTS is necessary for SMEs to overcome the COVID-19 crisis well,” adding, “It is necessary to temporarily suspend tax audits until the COVID-19 situation calms down to relieve business owners' anxiety and boost morale.”

At the meeting, Kbiz proposed 17 national tax administration policy tasks, including ▲tax support for SMEs and small business owners affected by the novel coronavirus infection (COVID-19) ▲clarification of exceptions for prior notification and temporary suspension of tax audits to alleviate SME burdens ▲expansion of preferential benefits for exemplary taxpayers.

In response, Kim Hyun-joon, Commissioner of the NTS, said, “We will significantly reduce the number of tax audits for SMEs and small business owners compared to previous years, expand simplified audits focused on consulting, and actively accept requests for postponement or suspension of audits if taxpayers apply due to COVID-19 damage.”

Commissioner Kim added, “This year, to support SMEs affected by COVID-19, we extended filing and payment deadlines, expedited the payment of year-end tax settlements for earned income and value-added tax refunds, providing tax support totaling 5.64 million cases and 21.4 trillion won,” and said, “We will continue active tax support centered on dedicated response teams established at 128 tax offices nationwide.”

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