Transition Team: "Additional Review Needed for Financial and Tax Support for Small Business Owners"

by Park Joonyi

Published 13 Apr.2022 19:11(KST)

Report to Relevant Ministries Scheduled for Next Week

Ahn Cheol-soo, Chairman of the Presidential Transition Committee, is receiving a report on the operation status of the 112 Comprehensive Security Situation Room at the Seoul Metropolitan Police Agency in Jongno-gu, Seoul, on the 12th. Photo by Transition Committee Press Corps

[Asia Economy Reporter Park Jun-yi] The Special Committee on COVID-19 Emergency Response under the Presidential Transition Committee has requested the government to additionally consider financial and tax support, in addition to cash support such as disaster relief funds and loss compensation, for small business owners affected by COVID-19.

On the 13th, the Special Committee's Livelihood Economy Division, including Chairman Ahn Cheol-soo of the Presidential Transition Committee, held a meeting with related ministries such as the Ministry of Economy and Finance, the Ministry of SMEs and Startups, the Ministry of Employment and Labor, the Financial Services Commission, and the National Tax Service to discuss support measures for small business owners.

On this day, the Special Committee stated, "We requested the government to conduct an in-depth review of various support measures to practically restore the damages suffered by small business owners."

The Special Committee pointed out the need for additional review of financial support measures such as loan assistance and tax support measures including tax reductions and deductions, and decided to receive related reports from the relevant ministries next week.

They also said, "We agreed on the need to closely examine whether there are any parts in the reported support measures today where the voices from the field can be additionally reflected," adding, "Through recent meetings with small business associations and visits to traditional markets, we have confirmed various opinions from the field regarding support targets, conditions, timing, and methods, and suggested the need to re-examine whether there are any overlooked blind spots."

The Special Committee also pointed out, "Along with short-term damage support, it is necessary to establish reasonable support standards and systems in the long term through this opportunity."