Preliminary Candidate Shin Jeong-hoon Announces Support Pledge for Small Business Owners and Self-Employed

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Shin Jeong-hoon, the Democratic Party of Korea preliminary candidate for the National Assembly representing Naju·Hwasun, Jeonnam, announced on the 23rd a pledge to support small business owners and self-employed individuals by expanding the simplified tax system criteria.

Preliminary candidate Shin Jeong-hoon stated, “If the core of the local grassroots commercial district collapses, the foundation of the regional economy will be shaken from the ground up, so drastic measures are necessary,” and added, “Although the government plans to support self-employed individuals and small businesses with 2 trillion won, it is necessary to prepare realistic support measures such as early execution of the budget for small business management stabilization funds.”

He promised, “I will promote fundamental and realistic institutional improvements by expanding the simplified tax application threshold to 80 million won and raising the exemption from payment obligations for simplified taxpayers to under 50 million won.”

As a measure to overcome the difficulties of self-employed individuals and small business owners and revitalize the regional economy, he proposed expanding the scope of simplified taxation under Article 61 of the Value-Added Tax Act from 48 million won to 80 million won and simplifying the procedures.

He also announced plans to improve the system by raising the exemption from payment obligations for simplified taxpayers under Article 69 from the current 30 million won to under 50 million won to reduce the tax burden on self-employed individuals and small business owners.

As a regional measure, the Democratic Party of Korea will develop regional policies linked to the alleyway commercial district revitalization policy for small business owners and self-employed individuals, which was announced as a pledge in the 21st general election.

He also pledged to establish a “Small Business Recovery Support Center” to reduce difficulties such as lack of information and economic burdens experienced during the closure process of small businesses and to help them recover as a stepping stone.

In line with the Democratic Party of Korea’s “One Basic Local Government - One Specialized Street” general election pledge, there are plans to create specialized streets by region and expand budget support to revitalize commercial districts.

Preliminary candidate Shin Jeong-hoon said, “Small business owners in traditional markets and alleyway commercial districts, who have been directly hit by concerns over the spread of COVID-19, need practical help,” and added, “I ask citizens to empathize with the pain of small business owners suffering from anxiety about COVID-19 and weakened consumer sentiment and to actively participate in saving traditional markets and alleyway commercial districts.”