National Tax Service and Korea Customs Service Strengthen Support for Exporting SMEs through Information Exchange
Signing of MOU to Support Exporting Small and Medium Enterprises
On the 4th, the National Tax Service (NTS) and the Korea Customs Service (KCS) signed a Memorandum of Understanding (MOU) to support export-oriented small and medium-sized enterprises (SMEs). Through this agreement, exemplary taxpayers and job-creating companies selected by each agency can receive joint tax administration support from both the NTS and KCS by mutually exchanging their corporate lists.
Approximately 8,000 exemplary taxpayers and job-creating companies with export performance selected by the NTS will continue to receive existing tax administration support from the NTS, and additionally receive KCS tax support, including ▲extension of customs payment deadlines ▲exemption from tax guarantees ▲special support for export refunds ▲exclusion from regular customs inspections and deferral of customs investigations.
About 2,400 exemplary taxpayers, job-creating and maintaining companies, and Authorized Economic Operator (AEO) export safety management excellent companies with export performance selected by the KCS will continue to receive existing customs tax support, and additionally receive NTS tax support such as extension of domestic tax payment deadlines, exemption from tax guarantees, early refund payments, exclusion from regular tax audits, deferral of tax investigations, and priority processing of pre-assessments for research and development (R&D) tax credits.
The NTS and KCS plan to provide tax administration support starting in March to the approximately 10,000 companies whose lists were mutually exchanged this time. Going forward, they intend to continue support by exchanging the lists of supported companies every early year.
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Kim Chang-gi, Commissioner of the National Tax Service, stated, "We will strengthen tax administration support by actively reflecting opinions raised in the export field into tax administration so that export SMEs can focus solely on business activities without worrying about tax issues." Yoon Tae-sik, Commissioner of the Korea Customs Service, also said, "By closely cooperating with related ministries, we will make every effort to support export SMEs and resolve overseas non-tariff barriers, thereby enhancing the export competitiveness of our companies."
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