Kim Chang-gi, Commissioner of the National Tax Service, Visits 'Bio Cluster' as First Site After Inauguration

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] The first field destination after the inauguration of Kim Chang-gi, Commissioner of the National Tax Service, was the 'Bio Cluster.' On the 14th, Commissioner Kim visited the Bio Cluster located in Songdo, Incheon, and held a communication meeting with representatives of small and medium-sized venture companies. This area is densely populated with bio-sector companies and institutions such as Samsung Biologics, Celltrion, and Janssen Vaccines, and it is expected that about 700 companies will be settled there by 2030.

Commissioner Kim stated, "The Songdo Bio Cluster plays a central role in Korea's new growth engine industries," and first expressed his gratitude to the representatives of small and medium-sized enterprises who strive for stable government revenue through job creation and faithful tax payment.

He continued, "We are implementing measures such as extension of payment deadlines and early refund payments for small businesses and low-income taxpayers who are struggling due to the recent triple crisis (high inflation, high interest rates, and high oil prices)," and explained, "We are enforcing ‘tax audit exclusion measures’ mainly for self-employed and small business owners affected by COVID-19 and relaxing the selection criteria for simplified investigations."

Commissioner Kim also announced, "Especially this year, we plan to simplify the submission documents to make it easier to use the pre-review system for research and manpower development tax credits, and provide consultations on tax credits, exemptions, and business succession systems that small businesses find difficult."

The company representatives attending the meeting suggested ▲ improvement of integrated investment tax credits ▲ alleviation of tax audit burdens ▲ expansion of exemptions for contract research and development in the bio sector ▲ expansion of tax credits for companies increasing employment. Commissioner Kim responded, "Through field-centered communication and proactive administration, we will listen to market opinions and prepare effective support measures that taxpayers can empathize with and feel, so that national tax administration can serve as a catalyst for economic recovery."

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