National Tax Service Work Report... "Expansion of Tax Audit Exemptions for Job-Creating Companies"

Shin Yong-hyun, spokesperson for the 20th Presidential Transition Committee, is announcing future plans including the schedule for ministry briefings at the transition committee press conference hall in Tongui-dong, Seoul, on the afternoon of the 28th. [Image source=Yonhap News]

The National Tax Service (NTS) reported to the Presidential Transition Committee that it plans to ease the criteria for excluding small and medium-sized enterprises (SMEs) and job-creating companies from tax audit selection, thereby reducing their tax burden.

The Transition Committee announced on the 28th that it received this report from the NTS at its office in Tongui-dong, Jongno-gu, Seoul.

On that day, the NTS and the Transition Committee reviewed the current status of key issues, including the achievement of the relevant revenue budget, support for COVID-19 loss compensation, management of major tax filing tasks, and the application and payment of earned income and child tax credits.

Regarding the new government's pledge implementation plan, they focused discussions on multifaceted tax support to overcome the COVID-19 crisis, leading national tax administration in the era of digital transformation, and support for the normalization of real estate taxation.

The NTS presented a policy aligned with President-elect Yoon Seok-yeol's campaign pledges to expand the number of companies excluded from tax audit selection and to encourage corporate employment and investment through consulting on tax credit and exemption systems.

For small business owners and self-employed individuals struggling due to COVID-19, the NTS stated it will increase tax administration support compared to last year, including extensions of tax payment deadlines, exclusion from tax verification, prompt resolution of tax-related difficulties, and early payment of refunds.

Transition Committee members requested the NTS on that day to "spare no multifaceted support at the national tax administration level to overcome the COVID-19 crisis, which is the most urgent task for the new government."

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