Korea Federation of SMEs Takes Initiative to Solve Succession Issues for Small and Medium Enterprises

Free Operation of Tax Advisory Program for Corporate Succession

Exterior view of the Korea Federation of SMEs. Photo by Korea Federation of SMEs

[Asia Economy Reporter Kim Heeyoon] The Korea Federation of SMEs announced on the 2nd that it will provide a 'Corporate Succession Tax Consultation and Advisory Service' through the SME Succession Tax Advisory Group.

According to the Federation, the advisory group consists of 15 corporate succession tax experts nationwide, recommended by organizations such as the Korean Association of Tax Accountants.

The application target is SMEs that are currently undergoing or wish to undergo succession. They can receive free consultations on corporate succession tax systems such as business inheritance deduction and gift tax special taxation, as well as diagnosis on whether they meet tax support requirements.

SMEs wishing to receive consultation can apply through the Federation of SMEs website or contact the Federation's Corporate Growth Department. Depending on the inquiry, support is provided through various methods including online, phone, and on-site visits.

Jung Wookjo, Head of the Innovation Growth Headquarters at the Federation of SMEs, said, "With the aging of SME CEOs, interest in corporate succession is increasing, but many do not know specifically how to prepare for succession. We will support SMEs in establishing succession plans through customized consultations for each company."

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