Small and Medium Business Sector Meets Ruling Party Floor Leader... Proposes Improvements to the SME Promotion Act

Discussion on Tax Law Amendments to Facilitate Smooth Business Succession
Attendance of Over 20 Representatives from SME Organizations and Industry Sectors

The small and medium-sized enterprise (SME) sector met with the People Power Party's floor leadership to advocate for the extension of the grace period for the Serious Accidents Punishment Act and the passage of the tax law amendment bill in the National Assembly.

Yoon Jae-ok, Floor Leader of the People Power Party. Photo by Hyunmin Kim kimhyun81@

The Korea Federation of SMEs announced on the morning of the 23rd that it held a 'Meeting with SMEs Invited by Yoon Jae-ok, Floor Leader of the People Power Party' at the Federation's headquarters in Yeouido, Seoul.

During the meeting, 26 SME-related issues were discussed, including the extension of the grace period for the Serious Accidents Punishment Act for workplaces with fewer than 50 employees, the passage of the tax law amendment bill to facilitate smooth business succession, improvement of the delivery price adjustment negotiation system, and enhancement of the main contractor joint subcontracting system.

Representatives from the SME sector present included Kim Ki-moon, Chairman of the Korea Federation of SMEs, Jo In-ho, President of the Korea Mechanical Equipment Construction Association, Yoon Geon-su, Chairman of the Korea Venture Capital Association, Lim Byung-hoon, President of the Innobiz Association, Seok Yong-chan, Chairman of the Korea Management Innovation SME Association, and about 20 other representatives from various SME organizations and industries.

From the People Power Party, Floor Leader Yoon attended along with Kim Seong-won, ruling party secretary of the National Assembly's Industry, Trade, Energy, SMEs and Startups Committee, Lee Yang-su, Deputy Floor Leader, Jang Dong-hyuk, Floor Spokesperson, Jo Myung-hee, Deputy Floor Leader, Lee In-seon, Deputy Floor Leader, Seo Beom-su, Deputy Floor Leader, and Jeong Hee-yong, Chief Secretary to the Floor Leader.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated, “The People Power Party floor leadership and the SME sector have maintained active communication several times since last year,” and emphasized, “Please cooperate to ensure that the SME sector’s long-standing issues such as revitalizing business succession, improving the Serious Accidents Punishment Act, and passing legislation to exclude collusion by cooperatives in inter-company transactions can be passed during the 21st National Assembly’s final regular session.”

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