Gwangju Chamber of Commerce Holds Tax Meeting to Discuss Support Measures for Local Companies in US Tariff Zones

Five Proposals Presented at Meeting with Park Gwangjong, Director of Gwangju Regional Tax Office
Including Measures to Ease Tax Audit Burdens

Gwangju Chamber of Commerce and Industry invited Park Kwangjong, Commissioner of Gwangju Regional Tax Office, to hold a tax administration meeting to listen to the tax difficulties of local companies caused by the Trump administration's tariff impositions and to discuss support measures. Photo by Gwangju Chamber of Commerce and Industry

The Gwangju Chamber of Commerce and Industry (Chairman Han Sangwon) announced on the 17th that it held a tax administration meeting by inviting Park Gwangjong, Director of the Gwangju Regional Tax Office, to listen to the tax-related difficulties of local companies caused by measures such as tariffs imposed by the Trump administration and to discuss support measures.

The meeting, held in the main conference room on the 7th floor of the Gwangju Chamber of Commerce and Industry, was attended by Chairman Han Sangwon and about 40 local businesspeople. The session included detailed explanations of the tax support system for small and medium-sized enterprises currently implemented by the Gwangju Regional Tax Office, the business succession support system, and important considerations for business management.

The attending businesspeople made five suggestions: ▲Easing the burden of corporate tax audits (maintaining a five-year audit cycle) ▲Relaxing requirements for bad debt tax deductions on uncollectible accounts receivable ▲Improving the tax credit system for companies investing in national strategic technologies ▲Reducing the interest rate on late payment penalties ▲Expanding rewards and preferential benefits for exemplary taxpayers.

Director Park Gwangjong stated, "While remaining true to the primary purpose of tax audits, which is to encourage honest reporting, we will operate the system carefully and prudently so that companies that pay taxes faithfully can focus solely on their business activities. For matters that require amendments to laws and regulations, we will conduct thorough reviews to prepare improvement measures," he said.

He added, "Going forward, we will continue to actively communicate with local economic organizations, industrial complexes, and companies in the region to ensure that the voices from the field are reflected in tax administration. We will also proactively identify areas and industries that need support and provide substantial tax assistance to taxpayers experiencing management difficulties, sparing no effort to support the rapid recovery of the local economy."

Chairman Han Sangwon said, "Effective policy support is urgently needed so that our local companies, which are struggling to strengthen their competitiveness despite difficult internal and external environments, can overcome obstacles and focus on innovation and growth. I hope this meeting will empower companies to overcome management challenges on the ground and serve as a venue for mutually beneficial tax administration that supports sound growth."

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