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New NTS chief pledges to support COVID-19-hit businessesBy Kim Young-won
Published : Aug. 21, 2020 - 17:03
Kim Dae-ji, the new chief of South Korea’s tax authority, the National Tax Service, vowed Friday that the tax office would give full support for small and midsized businesses reeling from the lingering coronavirus pandemic while strictly enforcing rules against tax evasion.
“The tax office will try to deploy measures to help overcome the coronavirus crisis and prop up the economy by lightening the tax burden on entrepreneurs and small-business owners,” said Kim at his inauguration event at Government Complex Sejong.
Delaying tax audits at small and midsized enterprises is one of the support measures, according to the new NTS chief.
While emphasizing the importance of the support measures, he also pledged to root out tax evasion by rich individuals and businesses. To that end, an NTS unit that investigates evidence of tax evasion by rich taxpayers will be reinforced. The tax authority will also actively make use of its financial and digital infrastructure to collect taxes from delinquent taxpayers, he said.
“The NTS will keep monitoring irregular asset transactions among local residents and Korean citizens living abroad and take strict measures,” the new NTS head said.
The tax authority will advance its online tax system for the public, called Home Tax, while using social networking services to provide efficient and effective tax consultations for taxpayers, he added.
By Kim Young-won (email@example.com)
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