Rep. Yongho Lee, Soon-nam Lim, and Nam Lim Introduce Tax Relief Bill for Small Business Owners as Lead Sponsors

[Asia Economy Honam Reporting Headquarters Reporter Lee Geon-ju] On the 12th, Rep. Lee Yong-ho of Imsil, Sunchang, and Namwon announced that he has taken the lead in proposing a partial amendment to the "Small Business Survival Act" to temporarily ease the tax burden on small business owners and micro-entrepreneurs struggling due to COVID-19 and to establish a basis for the prompt provision of emergency management stabilization funds.

According to Rep. Lee, as the COVID-19 crisis prolongs, small-scale individual business operators such as small enterprises and small business owners are facing a serious situation where they must worry about the survival of their businesses and livelihoods.

In fact, they are under severe burden regarding tax payments due to a sharp decline in sales, and the emergency management stabilization funds provided to support the management stability and growth of micro small business owners are in such urgent need that they must be disbursed promptly.

In response, Rep. Lee emphasized, "For small enterprises and small business owners, which can be called the capillaries of our economy, to breathe, timely and appropriate urgent measures are most important," adding, "It is necessary to raise the simplified tax sales threshold, which has been frozen for the past 20 years and has not reflected inflation, to 120 million won, temporarily adjust the VAT reduction eligibility to an annual sales of 120 million won, and explicitly establish legal grounds to ensure the swift provision of emergency management stabilization funds."

Rep. Lee further stated, "With the passage of this law, I hope it will provide a small but meaningful support to small enterprises, small business owners, and micro individual entrepreneurs who have been a solid foundation of our economy even before the COVID-19 crisis."

Meanwhile, this "Small Business Survival Act" is a legislative improvement bill to fulfill Rep. Lee's general election pledge, with the participation of 10 lawmakers including Kim Kyung-hyeop, Kim Seong-ju, Kim Su-heung, Kim Hoe-jae, Min Hong-chul, Park Young-soon, So Byung-hoon, Shin Jeong-hoon, Yang Jeong-sook, and Choi In-ho.