Korea Federation of SMEs Operates Succession Advisory Program for SMEs

Free Consultation on Business Succession Deduction and Gift Tax Special Taxation
Providing Advice on Eligibility Assessment and More

The Korea Federation of Small and Medium Business announced on the 18th that it has formed an SME succession advisory group and will operate a business succession advisory program to support smooth succession of small and medium enterprises.

This year, the SME succession advisory group consists of about 20 business succession experts, including lawyers, accountants, and tax accountants. The application target is SMEs that are undergoing or preparing for business succession. Free tax consultations related to business succession support tax benefits, such as the special deduction for family business inheritance and the special gift tax exemption for business succession, are available. Advisory services such as diagnosis of eligibility for these benefits are also provided.

Park Hwaseon, Head of the Business Growth Office at the Korea Federation of Small and Medium Business, said, "With the expansion of the business succession support tax limit to 60 billion KRW and the extension of the installment payment period, interest in succession is increasing significantly, but many do not know specifically how to prepare for succession," adding, "we will support customized advice for each company through the operation of the SME succession advisory program to help SMEs establish succession plans."