Worried About Inheritance Tax? Get Consulting from the National Tax Service
Applications Open for 3rd Session of 'Business Succession Tax Consulting' Until End of July
The National Tax Service (NTS) announced on the 25th that it is recruiting applicants for the 3rd phase of the 'Business Succession Tax Consulting' program until the 31st of next month.
The NTS is conducting tax consulting to help excellent small and medium-sized enterprises (SMEs) wishing to succeed their family businesses maximize their use of tax benefits.
An NTS official explained, "To apply for business succession tax benefits, knowledge of tax laws and long-term preparation are required. Therefore, the NTS provides a pre-assessment of the requirements tailored to each company's situation and offers ongoing advisory services to address any deficiencies. Since starting the 1st phase of consulting in 2022, we have consulted a total of 339 companies, and we are currently recruiting candidates for the 3rd phase of consulting, which will operate for one year starting this September."
SMEs whose CEOs have continuously served for more than five years or are undergoing post-management after business succession can apply for the 3rd phase of tax consulting from July 1 to 31 this year via visit, mail, or Hometax. The selection results will be individually notified by September 2 this year.
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The NTS plans to give preferential selection to export and long-established SMEs this year as well, following last year, to support a stable employment environment and sustainable economic growth. Specifically, companies with export sales accounting for 50% or more of total sales in 2022 or 2023, or export SMEs designated as tax support targets by the Korea Customs Service and KOTRA, will be given top priority. Additionally, consulting targets will be selected based on criteria such as prestigious long-established companies certified by the Ministry of SMEs and Startups and long-established companies that have contributed to national economic development for over 30 years.
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